Search Results: keywords:"qualified expenditures"

  • H. R. 802 — To amend the Internal Revenue Code of 1986 to add qualified semiconductor design expenditures to the advanced manufacturing investment credit.
    Status:Introduced in House
    Words:1,693

    The bill, H.R. 802, proposes an amendment to the Internal Revenue Code of 1986 to introduce a tax credit for qualified semiconductor design expenses. It allows eligible companies to receive a 25% tax credit on both their investments in advanced manufacturing facilities and semiconductor...

    Simple Explanation

    H.R. 802 is like giving companies a prize for spending money to come up with new ideas for making computer chips in the U.S. They can get 25% back on their costs if they try out new designs up until the end of 2036.

  • H. R. 7458 — To amend the Internal Revenue Code of 1986 to establish the Made in the U.S.A. tax credit.
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    Status:Introduced in House
    Words:1,286

    H.R. 7458 aims to amend the Internal Revenue Code to create the "Made in the U.S.A. tax credit" which offers a tax credit to eligible taxpayers for purchasing American-made products. Eligible individuals can receive a credit up to 30% of their qualified expenditures, with limits of $2,500 for...

    Simple Explanation

    The Made in the U.S.A. tax credit is a new rule that lets people get some money back on their taxes when they buy things made in America, but not if they buy cars, fancy items, or things like alcohol or guns. It's easier to use if you buy products that save energy, but people with a lot of money can't get this credit.

  • H. R. 948 — To amend the Internal Revenue Code of 1986 to provide a refundable credit against tax for wildfire mitigation expenditures.
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    Status:Introduced in House
    Words:1,366

    H.R. 948 proposes changes to the Internal Revenue Code to offer a refundable tax credit for individuals who spend money on wildfire mitigation efforts. Under the bill, eligible taxpayers can receive a credit worth 25% of their qualified expenses, up to a maximum of $25,000....

    Simple Explanation

    H.R. 948 aims to help people spend on protecting their homes from wildfires by giving them some money back. The government plans to give back 25 cents for every dollar people spend on making their homes safer from fires, up to $25,000, but only until the end of 2032.