Both sides have signed this (Bill Ranking)
H.R. 1062 · 119th Congress (2025-2026)
8 members · Left 1 · Center 0 · Right 7 (Bill Ranking)
| Sponsor | Rep. Feenstra, Randy (R-IA) (Introduced 02/06/2025) |
|---|---|
| Sponsor Voting Record | Lean right · DW-NOMINATE +0.47 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 8 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | House - Ways and Means Committee |
| Latest Action | 02/06/2025 Referred to the House Committee on Ways and Means. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (02/06/2025)
Growing and Preserving Innovation in America Act of 2025
This bill makes permanent the increased percentage rates at which a domestic corporation may deduct (for federal tax purposes) foreign-derived intangible income and global intangible low-taxed income (GILTI).
As background, for tax years beginning after 2017 and before 2026, a domestic corporation generally is allowed a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI. However, under current law, the tax deduction decreases starting in 2026, to the sum of (1) 21.875% of the corporation’s foreign-derived intangible income, and (2) 37.5% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.
Under the bill, for tax years beginning in 2026, a domestic corporation generally may claim a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.
119 HR 1062 IH: Growing and Preserving Innovation in America Act of 2025 U.S. House of Representatives 2025-02-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 1062IN THE HOUSE OF REPRESENTATIVESFebruary 6, 2025Mr. Feenstra (for himself and Mr. Morelle) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.1.Short titleThis Act may be cited as the Growing and Preserving Innovation in America Act of 2025.
2.Repeal of scheduled reduction in the deduction for foreign-derived intangible income(a)In generalSection 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1) and all that follows and inserting paragraph (1)(B) shall be applied by substituting 37.5 percent for 50 percent..(b)Effective dateThe amendment made by this section shall take effect on the date of the enactment of this Act.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 02/06/2025 | Library of Congress | Introduced in House |
| 02/06/2025 | Library of Congress | Introduced in House |
| 02/06/2025 | House floor actions | Referred to the House Committee on Ways and Means. |
| Title Type | Title |
|---|---|
| Display Title | Growing and Preserving Innovation in America Act of 2025 |
| Short Title(s) as Introduced | Growing and Preserving Innovation in America Act of 2025 |
| Official Title as Introduced | To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income. |
There are no amendments to this bill.
* = Original cosponsor
| Committee | Activity |
|---|---|
| House - Ways and Means Committee | 02/06/2025 Referred To |
No related bill information was received for H.R. 1062.
Policy Area: Taxation
No legislative subjects have been assigned yet.
All data on this page comes from our own database (legislation.congress_* tables), synced daily from the GPO govinfo BILLSTATUS and BILLS collections. Formatted after congress.gov; nothing is generated. Member placement is their DW-NOMINATE score (voteview.com, Lewis et al.) - a measurement of roll-call voting behavior, not our judgement. Buckets: Left below −0.50 · Lean Left to −0.25 · Center to +0.25 · Lean Right to +0.50 · Right above +0.50. The bill's Support meter aggregates the people who signed the bill - sponsor and current cosponsors, each counted once - nothing else.