Steel, Morelle Introduce Bill to Preserve Key Pro-Innovation Tax Provision
April 30, 2024
April 30, 2024
WASHINGTON, April 30 -- Rep. Michelle Steel, R-California, issued the following news release:
Reps. Michelle Steel (R-CA) and Joe Morelle (D-NY) introduced the Growing and Preserving Innovation in America Act to permanently preserve a critical pro-innovation tax rate included in the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA set the deduction rate for foreign-derived intangible income (FDII) at 37.5%, encouraging U.S. companies to bring valuable intellectual property back home and . . .
Reps. Michelle Steel (R-CA) and Joe Morelle (D-NY) introduced the Growing and Preserving Innovation in America Act to permanently preserve a critical pro-innovation tax rate included in the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA set the deduction rate for foreign-derived intangible income (FDII) at 37.5%, encouraging U.S. companies to bring valuable intellectual property back home and . . .