Build It in America Act: Tax and Investment Changes
This act modifies tax laws to encourage businesses to invest in research and development and manufacturing within the United States, aiming to foster economic growth and job creation. It also impacts tax credits for clean vehicles and imposes new taxes on foreign entities acquiring U.S. agricultural land.
Key points
Businesses can deduct research and experimental expenditures, encouraging innovation and investment in the U.S.
Extended tax allowances for depreciation of equipment and machinery, potentially lowering business operating costs.
Modified tax credits for new and used clean vehicles, which may affect their availability and price for consumers.
Introduced a new 60% tax on the acquisition of U.S. agricultural interests by entities from countries deemed a national security concern.
Terminated the Hazardous Substance Superfund financing rate, potentially impacting funding for environmental cleanup.
Status:
Expired
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