HR1328Referred to Committee

Supply Chain Security and Growth Act of 2025

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-02-13
Introduced
12
Cosponsors
HR
ⓘ
Type

Sponsor

Nicole Malliotakis
Nicole Malliotakis
Republican · NY · Representative
Votes with party: 95.1% (546 recorded votes)

Full profile: /officials/M000317

Source: Congress.gov · FEC

Cosponsors (12)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2025-02-13

Source: Congress.gov

Committee Activity

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Plain-English Summary

Supply Chain Security and Growth Act of 2025 This bill establishes a tax credit for qualified investments made in certain facilities that are located in a U.S. possession and manufacture drugs, pharmaceuticals, semiconductors, or certain other items, subject to limitations. The bill also increases the deemed-paid foreign tax credit for taxes paid to a U.S. possession. Specifically, under the bill, a taxpayer (other than a prohibited foreign entity) is allowed a tax credit for 40% of an investment in certain property that is placed into service during the tax year; integral to the operation of a critical supply chain facility; and constructed, reconstructed, or erected by the taxpayer, or property acquired for original used by the taxpayer. The bill defines critical supply chain facility as a facility that (1) manufactures active pharmaceutical ingredients, drugs, biologic products, medical countermeasures, medical diagnostic devices, semiconductors, semiconductor manufacturing equipment, aerospace equipment, or artificial nanomaterials; and (2) is located in Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, or the Virgin Islands. Under the bill, the tax credit is transferable and may be claimed as a direct cash payment (i.e., elective payment). (Limitations apply.) Finally, the bill increases to 100% (from 80%) the deemed-paid foreign tax credit for income taxes paid or accrued by a controlled foreign corporation (CFC) to a U.S. possession. (Under current law, a U.S. shareholder of a CFC is allowed a tax credit for income taxes paid by a CFC on certain income attributable to the U.S. shareholder.)

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Taxation
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Related legislation

Bills by the same sponsor or covering overlapping subjects.