3.0.0 1062 2026-03-02T14:03:58Z 2026-03-02T14:03:58Z House H HR 2025-02-06 119 https://www.congress.gov/bill/119th-congress/house-bill/1062 [Congressional Record Volume 171, Number 25 (Thursday, February 6, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. FEENSTRA:H.R. 1062.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 1 (Taxing and Spending Clause)[Page H556]]]> hswm00 Ways and Means Committee House Standing Referred To 2025-02-06T15:00:30Z 2025-02-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-02-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-02-06 Introduced in House IntroReferral 1000 9 Library of Congress F000446 Rep. Feenstra, Randy [R-IA-4] Randy Feenstra R IA 4 N M001206 Rep. Morelle, Joseph D. [D-NY-25] Joseph Morelle D NY D. 25 2025-02-06 True B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 2025-02-21 False E000298 Rep. Estes, Ron [R-KS-4] Ron Estes R KS 4 2025-02-21 False T000478 Rep. Tenney, Claudia [R-NY-24] Claudia Tenney R NY 24 2025-02-21 False M001222 Rep. Miller, Max L. [R-OH-7] Max Miller R OH L. 7 2025-02-21 False S001199 Rep. Smucker, Lloyd [R-PA-11] Lloyd Smucker R PA 11 2025-03-11 False J000311 Rep. Jack, Brian [R-GA-3] Brian Jack R GA 3 2025-04-17 False Taxation Taxation 2025-05-05T15:58:20Z 00 2025-02-06 Introduced in House 2026-03-02T14:00:23Z Growing and Preserving Innovation in America Act of 2025

This bill makes permanent the increased percentage rates at which a domestic corporation may deduct (for federal tax purposes) foreign-derived intangible income and global intangible low-taxed income (GILTI).

As background, for tax years beginning after 2017 and before 2026, a domestic corporation generally is allowed a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI. However, under current law, the tax deduction decreases starting in 2026, to the sum of (1) 21.875% of the corporation’s foreign-derived intangible income, and (2) 37.5% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.

Under the bill, for tax years beginning in 2026, a domestic corporation generally may claim a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.

]]> Growing and Preserving Innovation in America Act of 2025 Display Title 45 Growing and Preserving Innovation in America Act of 2025 2025-03-08T06:38:18Z Short Title(s) as Introduced 101 Growing and Preserving Innovation in America Act of 2025 2025-03-08T06:38:16Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income. 2025-03-08T06:33:25Z Introduced in House IH Introduced in House 2025-02-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr1062ih/xml/BILLS-119hr1062ih.xml 2025-02-06 Referred to the House Committee on Ways and Means. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.