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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1062 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 1062
To amend the Internal Revenue Code of 1986 to repeal the scheduled
reduction in the deduction for foreign-derived intangible income.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
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.
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