US Congress House Bill 2970 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 9-0)
Status: Introduced on July 8 2015 - 25% progression, died in committee
Action: 2015-07-08 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Rebuilding American Manufacturing Act of 2015 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%). 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).

Rebuilding American Manufacturing Act of 2015

Rep. Ron Kind [D-WI]	Rep. Richard Neal [D-MA]	Rep. Charles Rangel [D-NY]	Rep. Bill Pascrell [D-NJ]
Rep. John Larson [D-CT]	Rep. Jim McDermott [D-WA]	Rep. Danny Davis [D-IL]	Rep. Sander Levin [D-MI]
Rep. Gwen Graham [D-FL]

Date	Chamber	Action
2015-07-08	House	Referred to the House Committee on Ways and Means.
2015-07-08	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2970/all-info
Text	https://www.congress.gov/114/bills/hr2970/BILLS-114hr2970ih.pdf