U.S. Rep. Drew Ferguson, U.S. Representative for Georgia's 3rd District | Official U.S. House headshot
U.S. Rep. Drew Ferguson, U.S. Representative for Georgia's 3rd District | Official U.S. House headshot
U.S. Representatives Drew Ferguson (R-GA) and Darin LaHood (R-IL) introduced the Bringing Back American Jobs Through Intellectual Property Repatriation Act, aiming to remove tax code obstacles for American businesses. The bill is supported by Representatives Adrian Smith (R-NE), Carol Miller (R-WV), Claudia Tenney (R-NY), and Randy Feenstra (R-IA).
Rep. Ferguson stated, “America must incentivize strong and robust domestic supply chains while protecting our nation’s intellectual property,” emphasizing the bill's importance in encouraging job and manufacturing return to the U.S. Rep. LaHood added, “As Congress works to counter growing aggression from China, incentivizing the return of American IP through our tax code will strengthen our economic competitiveness on the global stage.”
The proposed act facilitates IP repatriation by allowing U.S. companies to bring back offshore IP without immediate U.S. tax costs, subjecting them to tax only upon future IP sales. It mandates IP return to the U.S. within 180 days to prevent mere transfer between controlled foreign corporations. These changes aim to bolster domestic production, research, and development, fostering high-paying jobs and deterring the migration of high-tech jobs overseas.
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