I
119th CONGRESS
1st Session
H. R. 1062
IN THE HOUSE OF REPRESENTATIVES
February 6, 2025
Mr. Feenstra (for himself and Mr. Morelle) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.
Section 1. Short title
This Act may be cited as the Growing and Preserving Innovation in America Act of 2025
.
Sec. 2. Repeal of scheduled reduction in the deduction for foreign-derived intangible income
(a) In general
Section 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1)
and all that follows and inserting paragraph (1)(B) shall be applied by substituting
.37.5 percent
for 50 percent
.
(b) Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.