Us Congress 2023-2024 Regular Session

Us Congress House Bill HJR222

Introduced
11/18/24  

Caption

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

Impact

The implications of HJR222 could be significant, as it affects federal regulations surrounding tax credits for the manufacturing sector. Supporters of the resolution believe that the current IRS rules may impose undue burdens on manufacturers and hinder growth in the sector. By disapproving this rule, Congress aims to encourage domestic manufacturing by eliminating regulatory obstacles, potentially leading to increased investment and job creation within the industry.

Summary

HJR222 is a joint resolution aimed at disapproving a specific rule set by the Internal Revenue Service (IRS) related to the Advanced Manufacturing Production Credit. The resolution specifically points to the rule published in the Federal Register that governs the standards and incentives for advanced manufacturing. Through this resolution, Congress expresses its intent to nullify the IRS's authority to enforce this rule, which they argue may not align with their legislative intent or the economic climate.

Contention

Discussions around HJR222 have highlighted notable points of contention. Advocates for the disapproval resolution argue that the IRS's regulations are too stringent and could stifle innovation in advanced manufacturing. On the other hand, opponents raise concerns that disapproving the rule may lead to a lack of oversight and potentially allow for exploitation of tax incentives without adequate accountability. This tension reflects broader debates about government regulation and support for the manufacturing sector, particularly in times of economic uncertainty.

Companion Bills

No companion bills found.

Previously Filed As

US HJR225

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

US SJR119

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

US HJR65

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Rules for Supervisory Approval of Penalties.

US HJR206

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Required Minimum Distributions".

US SJR39

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Section 45Y Clean Electricity Production Credit and Section 48E Clean Electricity Investment Credit".

US HJR175

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Energy relating to "Statutory Updates to the Advanced Technology Vehicles Manufacturing Program".

US HJR111

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the United States Fish and Wildlife Service relating to "Barred Owl Management Strategy".

US SJR3

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

US HJR122

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)".

US HJR31

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Veterans Affairs relating to "Reproductive Health Services".

Similar Bills

No similar bills found.