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Congress·In Committee·about 1 year ago

Tax Breaks for U.S. Companies Selling Overseas

Legislative Progress

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Review
House
Senate
President

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.

Milestones

2 milestones2 actions
Feb 6, 2025House

Referred to the House Committee on Ways and Means.

Feb 6, 2025

Introduced in House

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.

Sponsor

Cosponsors

(7)
D: 1R: 6

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.