H.R.340 - Next Generation American Manufacturing Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Serrano, Jose E. [D-NY-15] (Introduced 01/05/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/05/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.340 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (01/05/2017)
Next Generation American Manufacturing Act of 2017
This bill amends the Internal Revenue Code to allow a tax credit for the purchase (during a specified period of between 5 and 10 years based on the incentive needed with respect to each product) of new products certified as assembled in the United States and consisting of at least 60% of components assembled or otherwise arising in the United States.
The bill also establishes the 21st Century American Manufacturing Commission to conduct research to designate products eligible for such tax credit.
The bill allows certain start-up companies that are headquartered in the United States a tax credit for up to 25% of their costs for the construction of a manufacturing facility and for the purchase of specialized equipment for use at such facility. A "start-up company" is defined as any corporation or partnership that: (1) first has both gross receipts and qualified research expenses in a taxable year beginning after December 31, 2016; or (2) has both gross receipts and qualified research expenses in fewer than three taxable years beginning after December 31, 2016, and before January 1, 2022.