I
119THCONGRESS
1
STSESSION H. R. 1062
To amend the Internal Revenue Code of 1986 to repeal the scheduled
reduction in the deduction for foreign-derived intangible income.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY6, 2025
Mr. F
EENSTRA(for himself and Mr. MORELLE) introduced the following bill;
which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to repeal
the scheduled reduction in the deduction for foreign-
derived intangible income.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Growing and Pre-4
serving Innovation in America Act of 2025’’. 5
SEC. 2. REPEAL OF SCHEDULED REDUCTION IN THE DE-6
DUCTION FOR FOREIGN-DERIVED INTAN-7
GIBLE INCOME. 8
(a) I
NGENERAL.—Section 250(a)(3) of the Internal 9
Revenue Code of 1986 is amended by striking ‘‘paragraph 10
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•HR 1062 IH
(1)’’ and all that follows and inserting ‘‘paragraph (1)(B) 1
shall be applied by substituting ‘37.5 percent’ for ‘50 per-2
cent’.’’. 3
(b) E
FFECTIVEDATE.—The amendment made by 4
this section shall take effect on the date of the enactment 5
of this Act. 6
Æ
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