To amend the Internal Revenue Code of 1986 to provide a tax credit for certain expenses of moving manufacturing equipment from China to the United States, and for other purposes.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Trade.
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