Growing and Preserving Innovation in America Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8184 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8184

  To amend the Internal Revenue Code of 1986 to repeal the scheduled 
   reduction in the deduction for foreign-derived intangible income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2024

Mrs. Steel (for herself and Mr. Morelle) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Growing and Preserving Innovation in 
America Act of 2024''.

SEC. 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.
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