118th Congress Taxation
H.R. 3938: Build It in America Act
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill provides for tax incentives to encourage investment in the United States.
The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance.
The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax.
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The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern.
The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Who scored on this bill
- 1Jason Smith SponsorIntroduced, reported2 events+20
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Jason Smith
- H.R. 10357: Digital Asset Tax Certainty Act
- H.R. 6500: Continuing Appropriations and Extensions Act, 2027
- H.R. 9645: Health Care Price Certainty for All Americans Act
- H.R. 1156: Pandemic Unemployment Fraud Enforcement Act
- H.R. 33: To amend the Internal Revenue Code of 1986 to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States.
- H.R. 3797: Paperwork Burden Reduction Act
History
- Introduced in the House by Jason Smith.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.
- Placed on the Union Calendar, Calendar No. 99.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
- Introduced in House
- Referred to the House Committee on Ways and Means.