118th Congress · HOUSE BILLBILL

H.R. 947 — Bring Entrepreneurial Advancements To Consumers Here In North America Act

“To amend the Internal Revenue Code of 1986 to provide incentives for relocating manufacturing to the United States, permanent full expensing for qualified property, and for other purposes.”

Taxation

Introduced Feb 9, 2023

Last action Feb 9, 2023

Pipeline · Bill → Law

Step 1

Introduced

Feb 9, 2023

Step 2

Referred

Feb 9, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill provides tax incentives for relocating manufacturing facilities in the United States. Specifically, it allows accelerated depreciation (20-year recovery period) for nonresidential real property acquired in connection with the relocation of manufacturing facilities in the United States. It also excludes from gross income, for income tax purposes, gain on the sale or exchange of such relocated facilities. Finally, the bill allows permanent 100% expensing of manufacturing property relocated in the United States.

Provisions · 3 sectionsIntroduced in House

Timeline · 2 actions

Feb 9, 2023

Introduced in House

Feb 9, 2023

Referred to the House Committee on Ways and Means.