119 HR 1062 IH: Growing and Preserving Innovation in America Act of 2025 U.S. House of Representatives 2025-02-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 1062IN THE HOUSE OF REPRESENTATIVESFebruary 6, 2025Mr. Feenstra (for himself and Mr. Morelle) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.

1.

Short title

This Act may be cited as the Growing and Preserving Innovation in America Act of 2025.

2.

Repeal of scheduled reduction in the deduction for foreign-derived intangible income

(a)

In general

Section 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1) and all that follows and inserting paragraph (1)(B) shall be applied by substituting 37.5 percent for 50 percent..(b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act.