H.R. 1062 Introduced Taxation

Growing and Preserving Innovation in America Act of 2025

To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Feenstra, Randy [R-IA-4] Introduced February 6, 2025 Cosponsors 7 (1 D, 6 R) Latest action February 6, 2025

Summary

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 6, 2025 Referred to the House Committee on Ways and Means.
  2. Feb 6, 2025 Introduced in House

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