{"bill":{"id":"118-hr-3938","congress":118,"type":"HR","number":3938,"title":"Build It in America Act","originChamber":"House","introducedDate":"2023-06-09","sponsors":[{"bioguideId":"S001195","fullName":"Rep. Smith, Jason [R-MO-8]","party":"R","state":"MO","district":8}],"cosponsorsCount":0,"latestAction":{"actionDate":"2023-06-30","text":"Placed on the Union Calendar, Calendar No. 99."},"policyArea":"Taxation","subjects":["Accounting and auditing","Alternative and renewable resources","Asia","China","Cuba","Electric power generation and transmission","Europe","Foreign and international corporations","Hybrid, electric, and advanced technology vehicles","Income tax credits","Income tax deductions","Income tax rates","Iran","Latin America","Middle East","North Korea","Russia","Taxation of foreign income","Venezuela"],"actions":[{"date":"2023-06-30","text":"Placed on the Union Calendar, Calendar No. 99.","type":"Calendars","chamber":"House floor actions","hasVote":false},{"date":"2023-06-30","text":"Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.","type":"Committee","chamber":"House floor actions","hasVote":false},{"date":"2023-06-30","text":"Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.","type":"Committee","chamber":"Library of Congress","hasVote":false},{"date":"2023-06-13","text":"Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2023-06-13","text":"Committee Consideration and Mark-up Session Held","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2023-06-09","text":"Referred to the House Committee on Ways and Means.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2023-06-09","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2023-06-09","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":" <p> <strong>Build It in America Act </strong></p> <p>This bill provides for tax incentives to encourage investment in the United States. </p> <p>The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance. </p> <p>The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax. </p> <p>The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern. </p> <p>The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.</p>","updateDate":"2025-05-27T14:15:41Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":390,"ts":"2026-04-19T08:25:18.539Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"/api/public/query-gov?q=Build%20It%20in%20America%20Act"}]}}