Tax Credit for Businesses Using US-Grown Cotton and Traceable Supply Chains.
This Act establishes a new tax credit for businesses that sell finished consumer products containing cotton grown in the United States. The goal is to boost domestic cotton farming and textile manufacturing while requiring digital tracing of the cotton from its US origin to the final product. Although the credit is claimed by businesses, it is intended to encourage the consumption of US-made cotton goods.
Key points
A new tax credit is created for the first sale of eligible consumer articles containing documented US-grown cotton.
The credit requires strict proof of origin, including digital tracing of the cotton volume throughout the supply chain.
The credit amount varies (18% or 24%) based on where the cotton was processed internationally, favoring processing in the US or in free trade partner countries.
Significantly higher credit multipliers are available for products made with US-produced cotton yarn or fabric.
Status:
Introduced
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