H.R. 1062, introduced in the 119th Congress, aims to change the Internal Revenue Code of 1986 by stopping a planned reduction in the deduction for foreign-derived intangible income. The bill seeks to maintain the current deduction rate at 37.5 percent rather than letting it decrease to 50...
Simple Explanation
H.R. 1062 is a plan to keep a special money-saving rule the same for big companies that earn money from abroad, instead of letting it shrink, which could help them keep paying less in taxes.