| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1062 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to repeal the scheduled |
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| 6 | 6 | | reduction in the deduction for foreign-derived intangible income. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | FEBRUARY6, 2025 |
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| 9 | 9 | | Mr. F |
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| 10 | 10 | | EENSTRA(for himself and Mr. MORELLE) introduced the following bill; |
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| 11 | 11 | | which was referred to the Committee on Ways and Means |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Internal Revenue Code of 1986 to repeal |
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| 14 | 14 | | the scheduled reduction in the deduction for foreign- |
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| 15 | 15 | | derived intangible income. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘Growing and Pre-4 |
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| 20 | 20 | | serving Innovation in America Act of 2025’’. 5 |
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| 21 | 21 | | SEC. 2. REPEAL OF SCHEDULED REDUCTION IN THE DE-6 |
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| 22 | 22 | | DUCTION FOR FOREIGN-DERIVED INTAN-7 |
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| 23 | 23 | | GIBLE INCOME. 8 |
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| 24 | 24 | | (a) I |
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| 25 | 25 | | NGENERAL.—Section 250(a)(3) of the Internal 9 |
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| 26 | 26 | | Revenue Code of 1986 is amended by striking ‘‘paragraph 10 |
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| 27 | 27 | | VerDate Sep 11 2014 03:41 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1062.IH H1062 |
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| 28 | 28 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 29 | 29 | | •HR 1062 IH |
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| 30 | 30 | | (1)’’ and all that follows and inserting ‘‘paragraph (1)(B) 1 |
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| 31 | 31 | | shall be applied by substituting ‘37.5 percent’ for ‘50 per-2 |
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| 32 | 32 | | cent’.’’. 3 |
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| 33 | 33 | | (b) E |
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| 34 | 34 | | FFECTIVEDATE.—The amendment made by 4 |
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| 35 | 35 | | this section shall take effect on the date of the enactment 5 |
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| 36 | 36 | | of this Act. 6 |
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| 37 | 37 | | Æ |
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| 38 | 38 | | VerDate Sep 11 2014 03:41 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1062.IH H1062 |
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| 39 | 39 | | ssavage on LAPJG3WLY3PROD with BILLS |
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