Summary: S.3324 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.3324. Bill summaries are authored by CRS.

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Introduced in Senate (08/01/2018)

American Cars, American Jobs Act of 2018

This bill establishes in the National Highway Traffic Safety Administration the American Cars, American Jobs Program. Under the program, the Department of Transportation must issue vouchers of $3,500 to offset the purchase or lease price of a new automobile made in the United States if at least 45% of the automobile's parts come from the United States or Canada and assembly of the automobile occurs in the United States.

The bill amends the Internal Revenue Code to disallow a tax deduction for the global low-tax income of certain foreign subsidiaries of U.S. automakers whose profits exceed a specified percentage of their value.