H.R.5798 - Efficient Export Promotion to Help American Businesses Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. McDermott, Jim [D-WA-7] (Introduced 05/17/2012)|
|Committees:||House - Foreign Affairs; Ways and Means|
|Latest Action:||05/21/2012 Referred to the Subcommittee on Trade. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5798 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (05/17/2012)
Efficient Export Promotion to Help American Businesses Act of 2012 - Amends the Export Enhancement Act of 1988, with respect to assessment of federal agency resources in support of export promotion and financing, to require the Trade Promotion Coordinating Committee (TPCC) to: (1) review the proposed annual budget of each federal agency, before it is submitted to the Office of Management and Budget (OMB) and the President, to ensure coordination among federal agencies of enforcement, promotion of foreign direct investment, performance outreach, and centralization of information for exporters; and (2) recommend simplification and termination of redundant programs and changes in funding to meet the government-wide strategic plan for trade promotion efforts.
Revises contents of a TPCC annual report to Congress to include: (1) an analysis of TPCC and agency export promotion and export financing efforts compared to the export promotion efforts of other countries; (2) an analysis of factors, by state and region, that inhibit U.S. exports, including actions taken to address such factors; (3) a description of industry areas for strategic growth and changes to exports that present strategic threats to U.S. security; (4) a prioritized list of legislative recommendations that the TPCC believes would lead to an increase of U.S. exports and more efficient export promotion; and (5) input and review by the business community before being published on the TPCC and the Department of Commerce websites.
Amends the Internal Revenue Code to direct the Secretary of the Treasury, upon request of the Secretary of Commerce, to furnish tax information on returns of sole proprietorships with gross receipts from a trade or business of more than $750,000 a year and partnerships to the Bureau of Economic Analysis.