Bill Detail
H.R. 1062
Congress: 119
Title
Growing and Preserving Innovation in America Act of 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.
Sponsor
Rep. Randy Feenstra [R-IA-4]
Status
Referred to the House Committee on Ways and Means.
Status as of Jul 24, 7:10 PM · synced 20d ago
Introduced
2025-02-06
Data source mode: congress-gov
Bill Engagement
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 pur…
Lobbyists on the case
- Chamber of Commerce of the U.S.A.4 filings · 44 lobs
- Neil Bradley2025 Q4
- Suzanne Clark2025 Q4
Prepared intelligence brief
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