H.R. 8184, titled the “Growing and Preserving Innovation in America Act of 2024,” aims to amend the Internal Revenue Code of 1986. The bill proposes to repeal the planned reduction in the deduction for foreign-derived intangible income. This means that instead of decreasing the percentage of...
Simple Explanation
The bill wants to keep a special tax rule that helps businesses save money when they make things that are sold in other countries. Instead of changing this rule to save less money, the bill says to keep the savings the same as they are now.