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Innovation Act: Maintaining Tax Deduction for Foreign-Derived Intangible Income

This bill aims to maintain the current, higher tax deduction for companies earning income from foreign sources derived from innovation (Foreign-Derived Intangible Income - FDII). The change prevents a scheduled reduction of this deduction, encouraging American companies to keep innovative and production activities domestically. While primarily affecting large corporations, the goal is to indirectly support jobs and economic stability, potentially benefiting the overall labor market.
Key points
Prevents the scheduled reduction in the tax deduction for foreign-derived intangible income (FDII).
Maintaining the higher deduction supports US companies that export innovative products and services.
No direct tax changes for citizens; the act focuses on corporate provisions impacting US global competitiveness.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_8184
Sponsor: Rep. Steel, Michelle [R-CA-45]
Process start date: 2024-04-30
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Growing and Preserving Innovation in America Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8184.

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 2024-04-30.

What are the main provisions?

Key points include:

  • Prevents the scheduled reduction in the tax deduction for foreign-derived intangible income (FDII).
  • Maintaining the higher deduction supports US companies that export innovative products and services.
  • No direct tax changes for citizens; the act focuses on corporate provisions impacting US global competitiveness.
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. Steel, Michelle [R-CA-45].

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