The bill would let a U.S. person deduct, in the year paid, qualifying costs to move business inventory, equipment, and supplies from China to the United States. Treasury would issue rules limiting the deduction to business moving expenses. The bill would also create a Treasury trust fund using amounts equal to tariffs collected on goods made in China. Money equal to the reduction in General Fund revenue from the deduction would be transferred from the trust fund to the General Fund.
If you are a U.S. person moving qualifying business property from China to the United States, the proposal would allow you to deduct eligible moving costs in the year you pay them, subject to Treasury rules. The text does not describe changes for people who are not moving business property.
Eligible moving expenses would be deducted from taxable income in the year paid. The bill directs amounts equal to tariffs collected on goods made in China into a trust fund, and amounts equal to the resulting revenue reduction out of the fund and into the General Fund. No publicly available information gives projected totals.
No publicly available information.
No publicly available information.