Summary: H.R.2534 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.2534. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/18/2017)

Rebuilding American Manufacturing Act of 2017

This bill amends the Internal Revenue Code to allow taxpayers engaged in domestic manufacturing in the United States a tax deduction equal to 50.5% (43% for C corporations) of the lesser of their domestic manufacturing income or their taxable income for the taxable year (thus effectively reducing their income tax rate to approximately 20%). The bill limits the amount of such deduction to 25% of such taxpayer's qualifying domestic investment (defined as the sum of the taxpayer's W-2 wages and certain allowable tax deductions, excluding any amounts not properly allocable to the taxpayer's domestic manufacturing gross receipts).