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Tax Changes: Innovation Incentives for Businesses

This bill aims to maintain current tax benefits for companies earning income from innovative products and services sold abroad. This allows these companies to continue benefiting from lower taxes, encouraging investment in development and job creation. For citizens, this potentially means more innovative products and more stable jobs in export-related sectors.
Key points
The bill prevents a scheduled reduction in tax deductions for companies earning income from foreign-derived intangible income.
Companies exporting innovative products and services will continue to pay lower taxes on these earnings.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1062
Sponsor: Rep. Feenstra, Randy [R-IA-4]
Process start date: 2025-02-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Growing and Preserving Innovation in America Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1062.

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 2025-02-06.

What are the main provisions?

Key points include:

  • The bill prevents a scheduled reduction in tax deductions for companies earning income from foreign-derived intangible income.
  • Companies exporting innovative products and services will continue to pay lower taxes on these earnings.
What is the specific legal status?

The current status is Introduced.

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. Feenstra, Randy [R-IA-4].

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 2025-12-22.

CATEGORIES

Taxes Economy