HR1062Referred to Committee

Growing and Preserving Innovation in America Act of 2025

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-02-06
Introduced
7
Cosponsors
HR
ⓘ
Type

Sponsor

Randy Feenstra
Randy Feenstra
Republican · IA · Representative
Votes with party: 97.6% (543 recorded votes)

Full profile: /officials/F000446

Source: Congress.gov · FEC

Cosponsors (7)

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.

2025-02-06

Source: Congress.gov

Plain-English Summary

This bill likely aims to provide tax incentives or breaks for companies and individuals involved in research, development, and innovation activities to encourage them to invest more in new technologies and inventions within the United States. The changes would probably affect businesses of various sizes, startups, researchers, and potentially workers in tech and manufacturing sectors by making it more affordable to pursue innovative projects. The goal appears to be keeping American innovation competitive globally while potentially boosting economic growth through tax policy.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 1062 Introduced in House (IH)] <DOC> 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. <all>
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