H.R. 2571 · 118th Congress
RAM Act of 2023
- Stage
- In committee
- Sponsor
- Bill Posey
- Introduced
- 2023-04-10
- Latest action
- 2024-12-17 · Referred to the Subcommittee on Trade.
Summary
Reshoring American Manufacturing Act of 2023 or the RAM Act of 2023
This bill allows business taxpayers a tax credit, up to $25 million in a taxable year, for the cost of eligible reshoring expenses. The bill defines eligible reshoring expenses as amounts paid for the transportation (including any import duties, fees, or tariffs imposed with respect to such transportation) of manufacturing equipment from China to the United States. The credit expires after 2026.