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Tax Relief for Western Hemisphere Businesses to Secure Supply Chains.

This bill introduces temporary tax changes aimed at strengthening supply chain security by offering relief to US companies operating in the Western Hemisphere. These companies can choose to disregard recent, stricter Treasury regulations concerning foreign tax credits. While highly technical, the goal is to incentivize regional operations, potentially leading to more stable prices and availability of goods for consumers.
Key points
US companies operating in the Americas (excluding Cuba and Venezuela) gain a temporary option to ignore new, stricter rules for claiming foreign taxes as US tax credits.
The primary objective is to support and secure supply chains by making business operations in the region more financially viable.
These elective changes apply to tax years starting after 2021 and ending before January 1, 2027.
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Expired
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Additional Information
Print number: 118_HR_4029
Sponsor: Rep. Hern, Kevin [R-OK-1]
Process start date: 2023-06-12
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Supply Chain Security Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4029.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-12.

What are the main provisions?

Key points include:

  • US companies operating in the Americas (excluding Cuba and Venezuela) gain a temporary option to ignore new, stricter rules for claiming foreign taxes as US tax credits.
  • The primary objective is to support and secure supply chains by making business operations in the region more financially viable.
  • These elective changes apply to tax years starting after 2021 and ending before January 1, 2027.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hern, Kevin [R-OK-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy