Us Congress Senate Bill SJR119

Us Congress 2023-2024 Regular Session

Caption

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".

Impact

If passed, SJR119 would effectively nullify the IRS's rule on the Advanced Manufacturing Production Credit, which has implications for businesses engaged in manufacturing that may rely on this credit for financial support. The resolution places emphasis on protecting manufacturers from what some legislators view as potentially burdensome regulations. This could lead to changes in how tax incentives are structured, impacting investments and operational costs for manufacturers, particularly in industries positioned to benefit from advanced technologies and production efficiencies.

Summary

SJR119 is a joint resolution introduced in the Senate aimed at providing congressional disapproval of a rule submitted by the Internal Revenue Service (IRS) regarding the Advanced Manufacturing Production Credit. This resolution seeks to negate the IRS rule that was published in the Federal Register that would affect how tax credits are administered within the manufacturing sector. The resolution, led by Senator Cotton and co-sponsored by Senator Scott of Florida, reflects concerns about regulatory overreach and seeks to reinforce congressional authority over tax policy decisions.

Contention

The introduction of SJR119 highlights ongoing debates within Congress regarding the balance of power between federal regulatory bodies and elected representatives. Proponents of the resolution argue that the IRS rule could impose unnecessary constraints on the manufacturing sector, while opponents may view this action as an obstruction to regulatory efforts designed to stimulate innovation and competitiveness in manufacturing. The discussion surrounding this bill puts into stark relief the differing philosophies on government intervention in economic policy and the support for businesses during periods of economic adjustment and opportunity.