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![handle is hein.congrecreports/crptxaflk0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-127
BUILD IT IN AMERICA ACT
JUNE 30, 2023.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. SMITH of Missouri, from the Committee on Ways and Means,
submitted the following
R E P O R T
together with
DISSENTING VIEWS
[To accompany H.R. 3938]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 3938) to amend the Internal Revenue Code of 1986 to en-
courage economic growth, having considered the same, reports fa-
vorably thereon with an amendment and recommends that the bill
as amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND .............................................................. 13
A. Purpose and Summary ..................................................................... 13
B. Background and Need for Legislation ............................................. 13
C. Legislative History ............................................................................ 15
II. EXPLANATION OF THE BILL ................................................................... 16
TITLE I-INVESTMENT IN AMERICA ........................................................ 16
1. Deduction for research and experimental expenditures (sec. 101
of the bill and secs. 174 and 174A of the Code) ........................... 16
2. Extension of allowance for depreciation, amortization, or deple-
tion in determining the limitation on business interest (sec.
102 of the bill and sec. 163(j) of the Code) ................................... 21
3. Extension of 100 percent bonus depreciation (sec. 103 of the
bill and sec. 168(k) of the Code) .................................................... 25
TITLE II-SUPPLY CHAIN SECURITY ....................................................... 31
1. Termination of Hazardous Substance Superfund financing rate
(sec. 201 of the bill and sec. 4611 of the Code) ............................ 31
2. Election to determine foreign income taxes paid or accrued to
certain Western Hemisphere countries without regard to cer-
tain regulations (sec. 202 of the bill) ............................................ 32
39-006](ViewImageLocal?handle=hein.congrecreports/crptxaflk0001&div=1&collection=&method=preview&ext=.png&size=3)