Representatives Michelle Steel (R-CA) and Joe Morelle (D-NY) introduce the Growing and Preserving Innovation in America Act
In a bid to safeguard America's innovation edge, Representatives Michelle Steel (R-CA) and Joe Morelle (D-NY) have introduced the Growing and Preserving Innovation in America Act. This bipartisan bill aims to preserve a critical tax provision established in the 2017 Tax Cuts and Jobs Act (TCJA).
At its core lies the Foreign-Derived Intangible Income (FDII) deduction rate, a powerful incentive for U.S. companies to invest domestically. However, with this rate set to expire in 2025, the bill seeks to make it permanent, ensuring America remains a top destination for innovation.