Congress·In Committee·H.R. 1062
Growing and Preserving Innovation in America Act of 2025
Tax Breaks for U.S. Companies Selling Overseas
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Stalled
No legislative action in over 90 days.
Legislative Progress
House
Key Points
- This bill stops a scheduled tax increase on American companies that sell products or services based on U.S. innovation to customers in other countries. It focuses on income earned from things like patents, software, and trademarks created in the United States.
- Under current law, a special tax deduction that helps these companies is set to shrink, which would effectively raise their taxes. This bill would cancel that reduction and keep the tax break at its current level of 37.5%.
- The main goal is to give companies a reason to keep their research, development, and high-value inventions in the United States. Without this tax break, some businesses might move their operations to other countries to save money on taxes.
- This policy primarily affects large U.S. businesses in the technology, pharmaceutical, and manufacturing sectors that do a lot of business overseas. By keeping taxes lower, the bill's sponsors hope to protect American jobs and keep the U.S. competitive in the global market.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
2 milestones2 actions
Feb 6, 2025
Referred to the House Committee on Ways and Means.
Feb 6, 2025
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Growing and Preserving Innovation in America Act of 2025
Bill NumberHR 1062
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Ways and Means.
Data Sources
Sponsor
Cosponsors
(7)D: 1R: 6
Analysis generated by AI. Always verify with official sources.