H.R. 5795 (112th): Rebuilding American Manufacturing Act of 2012

Introduced:
May 17, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Ron Kind
Representative for Wisconsin's 3rd congressional district
Party
Democrat
Text
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Last Updated
May 17, 2012
Length
14 pages
Related Bills
H.R. 2940 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Aug 01, 2013

 
Status

This bill was introduced on May 17, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced May 17, 2012
Referred to Committee May 17, 2012
 
Full Title

To amend the Internal Revenue Code of 1986 to reduce the rate of tax on domestic manufacturing income to 20 percent.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/17/2012--Introduced.
Rebuilding American Manufacturing Act of 2012 - Amends the Internal Revenue Code to allow taxpayers engaged in domestic manufacturing in the United States a tax deduction equal to 43% of the lesser of their domestic manufacturing income or their taxable income for the taxable year (thus effectively reducing their income tax rate from 35% to approximately 20%).
Limits the amount of such deduction to 25% of such taxpayer's qualifying domestic investment (defined as the sum of the taxpayer's W-2 wages and certain allowable tax deductions, excluding any amounts not properly allocable to the taxpayer's domestic manufacturing gross receipts).

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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