What does Preamble of HR 1062 do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment aims to repeal the scheduled reduction in the deduction for foreign-derived intangible income.

What does SHORT TITLE. of HR 1062 do?

This bill is formally titled the Growing and Preserving Innovation in America Act of 2025.

What does REPEAL OF SCHEDULED REDUCTION IN THE DEDUCTION FOR FOREIGN- of HR 1062 do?

This section amends Section 250(a)(3) of the Internal Revenue Code of 1986. The amendment strikes existing text and inserts new text related to paragraph (1)(B). The inserted text substitutes '37.5 percent' for '50 percent'. The amendment takes effect on the date of enactment of this Act.

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Growing and Preserving Innovation in America Act of 2025 — HR. 1062

Last updated: 2/6/2025 · Introduced: 2/6/2025

Author: Randy Feenstra (R-IA)

TL;DR (AI)

This bill amends the Internal Revenue Code to repeal a scheduled reduction in the deduction for foreign-derived intangible income, increasing the deduction from 50 percent to 37.5 percent.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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