United States Congress
Protecting American Advanced Manufacturing Act
December 13, 2023
Summary
This House bill would amend Section 45X of the Internal Revenue Code to deny the advanced manufacturing production credit to entities associated with foreign adversaries. Disqualification would apply to entities with 10% or more ownership by, or subject to influence from, foreign-adversary governments or their instrumentalities, including via debt, licensing, contract-manufacturing, or derivative arrangements. The measure is a tax-policy bill limited to manufacturers of eligible components and contains no provisions touching mortgage lending, servicing, or consumer-protection compliance; it would apply to taxable years beginning after enactment and is not yet law.
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Source: https://www.congress.gov/bill/118th-congress/hr-bill/6762
Common questions
- What does "Protecting American Advanced Manufacturing Act" cover?
- This House bill would amend Section 45X of the Internal Revenue Code to deny the advanced manufacturing production credit to entities associated with…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on December 13, 2023.