H.R. 7458 · 118th Congress
Made in the U.S.A. Act
- Stage
- In committee
- Sponsor
- Ro Khanna
- Introduced
- 2024-02-26
- Latest action
- 2024-02-26 · Introduced in House
Summary
Made in the U.S.A. Act
This bill allows certain individual taxpayers whose adjusted gross income does not exceed $125,000 ($250,000 in the case of a joint return) a tax credit for 30% of their expenditures, not exceeding $2,500, for products made in the United States. An expenditure for any product may not exceed $500 and excludes firearms, ammunition, alcohol, tobacco, vehicles, gasoline, luxury goods, food, or non-depreciable real property. The expenditure limit is increased to $1,000 for Energy Star or climate resilience products.