Albion Posted Monday at 03:05 PM Share Posted Monday at 03:05 PM Text of the Bill Plain English Summary: This bill proposes tax incentives to support and strengthen domestic manufacturing in the United States. The goal is to revitalize the manufacturing sector, encourage investment in capital improvements and workforce development, and create new jobs. Key Provisions: 1. Corporate Tax Reduction: Lowers the federal corporate tax rate by 5% for companies that earn most of their income from manufacturing within the U.S. To qualify, at least 80% of a company's income must come from domestic manufacturing activities. Companies will need to certify their manufacturing activities annually with the IRS. 2. Investment Tax Credit: Provides a 10% tax credit for manufacturers that invest in improving their facilities, training employees, or conducting research and development (R&D) within the U.S. The credit applies to the cost of new equipment, upgrades to facilities, workforce training programs, and R&D in manufacturing technologies. Small businesses will be able to carry forward unused credits for up to 10 years, and companies with fewer than 500 employees can receive a refundable tax credit. 3. Certification and Compliance: Companies claiming these tax benefits must file an annual report detailing their manufacturing activities, investments, and job creation. The IRS will conduct random audits to ensure companies comply with the requirements, with penalties for those that misrepresent their activities. 4. Support for Small Businesses: The Department of Commerce and the Small Business Administration (SBA) will help smaller manufacturers understand and apply for the tax benefits through educational programs, workshops, and online resources. 5. Offsets and Budgetary Impact: The bill is expected to reduce federal revenue by $50 billion over 10 years, but aims to generate private sector investments of $200 billion through these incentives. To offset costs, the bill introduces a 1% tax on corporate share buybacks and limits certain business expense deductions for large corporations. PRESS | BIO | RECORD "A nation’s strength lies in its ability to adapt while holding firm to its foundational principles. True progress is not a departure from tradition, but the marriage of innovation with enduring values." — Robert Albion R19: Robert Albion (R-OH) Link to comment Share on other sites More sharing options...
Sen. Tim Renolds Posted Monday at 07:23 PM Share Posted Monday at 07:23 PM CS Link to comment Share on other sites More sharing options...
micgat Posted Tuesday at 05:10 AM Share Posted Tuesday at 05:10 AM CS HUNT.SENATE.GOV BIOGRAPHY CONGRESSIONAL RECORD "True leadership isn't about making the popular choice—it's about making the right choice, even when it's hard. The people of Maine expect honesty, integrity, and a relentless pursuit of solutions, and that's exactly what I'll deliver."- US Senator John Hunt (R-ME) Link to comment Share on other sites More sharing options...
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