119-hr508

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 508 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 508

To allow expensing of amounts paid to move business property from China 
 to the United States, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 16, 2025

 Mr. Green of Tennessee introduced the following bill; which was 
 referred to the Committee on Ways and Means

_______________________________________________________________________

 A BILL

To allow expensing of amounts paid to move business property from China 
 to the United States, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Bring American Companies Home Act''.

SEC. 2. EXPENSING OF AMOUNTS PAID TO MOVE BUSINESS PROPERTY FROM CHINA 
 TO THE UNITED STATES.

    (a) In General.--The Secretary of the Treasury (or the Secretary's 
delegate) shall establish a program under which amounts paid by a 
United States person (as defined in 

section 7701

    (a)

    (30) ) to move 
inventory and equipment and supplies used in a trade or business of the 
taxpayer from China to the United States are allowed as a deduction in 
the taxable year in which paid by the taxpayer.

    (b) Regulations.--The Secretary of the Treasury (or the Secretary's 
delegate) shall issue regulations under the program carried out under 
subsection

    (a) that restrict the amounts that may be expensed under 
such program to business moving expenses (within the meaning of the 
Internal Revenue Code of 1986 and the regulations and guidance issued 
thereunder).
            (c) Expensing Paid for With Tariffs Collected From China.--

    (1) Establishment of trust fund.--There is established in 
 the Treasury of the United States a trust fund consisting of 
 such amounts as are appropriated to such trust fund under 
 paragraph

    (2) .

    (2) Appropriations to trust fund.--There are hereby 
 appropriated to such trust fund amounts equivalent to the 
 tariffs collected by the United States on goods manufactured in 
 China.

    (3) Appropriations from trust fund.--There are hereby 
 appropriated from such trust fund to the General Fund of the 
 Treasury amounts equivalent to the reduction in revenue to such 
 General Fund by reason of subsection

    (a) .

    (4) Timing of transfers, etc.--Rules similar to the rules 
 of 

section 9601 of the Internal Revenue Code of 1986 shall 
 apply with respect to appropriations to and from such trust 
 fund under paragraphs

    (2) and

    (3) .
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