H.R. 508 — Bring American Companies Home Act

This bill requires the Department of the Treasury to establish a program and regulations allowing U.S. persons (U.S. citizens or residents, domestic partnerships or corporations, or estates and trusts) to deduct in the tax year incurred costs of moving inventory, equipment, and supplies used in a trade or business from China to the United States. The bill also establishes a trust fund and appropriates to such fund tariff amounts collected by the United States on goods manufactured in China,appropriates from such trust fund to the general fund of the Treasury amounts equivalent to the reduction in revenue resulting from the tax deduction, andrequires amounts to be transferred between funds...