This bill would allow tax credit for the purchase of new products certified as assembled in the U.S. and consisting of at least 60 percent of components assembled in the U.S. The credit would be between 5% and 20%, and would remain available for 5 to 10 years, deepening upon the product. The bill also Establishes the 21st Century American Manufacturing Commission to conduct research to designate products eligible for the tax credit allowed by this Act.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Ways and MeansIntroducedFebruary 12th, 2013
- house Committees
What is it?
The bill impacts products made at least mainly in the U.S.
A CBO cost estimate is currently unavailable.
Bill sponsor, Rep. Mike Honda (D-CA) says the bill
empowers an apolitical commission of private-sector experts to designate the next generation of disruptive, market-changing technologies. These technologies–not specific companies–would be eligible for a consumer tax credit as long as they are made in the United States. Because these benefits accrue to the consumer and not directly to the business, the customer will dictate winners in the market place, not the government. While we believe in clean air, safe water, and a living wage, these factors need not result in un-competitively high shelf prices for American-made products.