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H.R. 1062

U.S. House•In House Committee

Summary

H.R. 1062, the Growing and Preserving Innovation in America Act of 2025, was introduced in the House on Feb 6, 2025 by Rep. Randy Feenstra (R) with 7 co-sponsors. It was referred to Ways And Means, and last saw action on Feb 6, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 1062 has 7 co-sponsors.

hb1062/introduced-in-house.txt
119 HR 1062 IH: Growing and Preserving Innovation in America Act of 2025
 U.S. House of Representatives
 2025-02-06
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 1062  IN THE HOUSE OF REPRESENTATIVES   February 6, 2025   Mr. Feenstra  (for himself and  Mr. Morelle ) introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.
1.
Short title
This Act may be cited as the   Growing and Preserving Innovation in America Act of 2025  .
2.
Repeal of scheduled reduction in the deduction for foreign-derived intangible income
(a)
In general
 Section 250(a)(3)  of the Internal Revenue Code of 1986 is amended by striking  paragraph (1)  and all that follows and inserting  paragraph (1)(B) shall be applied by substituting  37.5 percent  for  50 percent . .
(b)
Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-02-06
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Feb 6, 2025

hb1062/introduced-in-house.md

Shown Here:
Introduced in House (02/06/2025)

Growing and Preserving Innovation in America Act of 2025

This bill makes permanent the increased percentage rates at which a domestic corporation may deduct (for federal tax purposes) foreign-derived intangible income and global intangible low-taxed income (GILTI).

As background, for tax years beginning after 2017 and before 2026, a domestic corporation generally is allowed a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI. However, under current law, the tax deduction decreases starting in 2026, to the sum of (1) 21.875% of the corporation’s foreign-derived intangible income, and (2) 37.5% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.

Under the bill, for tax years beginning in 2026, a domestic corporation generally may claim a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.

Sponsors

Rep. Randy Feenstra (R) sponsors H.R. 1062, and 7 members have co-sponsored it, 1 of them from the day it was introduced.

Committees

H.R. 1062 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Feb 6, 2025 · 1,160 Bills

Actions

H.R. 1062 has taken 2 actions since Feb 6, 2025.

ChamberAction
Feb 6, 2025
House
Introduced in House
Feb 6, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 1062 has not gone to a roll call.

Titles

H.R. 1062 goes by 3 titles, 1 of them short titles.

  • Growing and Preserving Innovation in America Act of 2025 — Display Title
  • Growing and Preserving Innovation in America Act of 2025 — Short Title(s) as Introduced
  • To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income. — Official Title as Introduced

Lobbying

15 clients hired 8 firms and 198 registered lobbyists who named H.R. 1062 in 64 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Taxation/Internal Revenue Code, Trade (domestic/foreign), Labor Issues/Antitrust/Workplace, Defense, Aviation/Airlines/Airports, Budget/Appropriations, Telecommunications, Government Issues.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
TAX REFORM COALITIONCoalition of companies with an interest in corporate tax reformDistrict of Columbia18$2.4M
FEDEX CORPORATION—District of Columbia18—
JOHNSON & JOHNSON SERVICES INC—New Jersey15$180K
BOEING COMPANY—Virginia15—
SYNOPSYS, INC.electronic design automation (EDA) and intellectual property (IP)California15—
ALLIANCE FOR BIOPHARMACEUTICAL COMPETITIVENESS AND INNOVATIONBiopharmaceutical industryDistrict of Columbia14$1M
MODERNATX, INC.Pharmaceutical and biotechnology company.Massachusetts14$120K
PFIZER, INC.Pharmacetucial companyDistrict of Columbia14$120K
YUM! BRANDS—Kentucky14$120K
MOSAIC COMPANYCrop nutrition.Florida14$80K
AMAZON.COM SERVICES LLC—District of Columbia14—
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia14—
CATERPILLAR INC—Illinois13$150K
PRISON FELLOWSHIP MINISTRIESChristian non-profit dedicated to serving those impacted by crime and incarceration.Virginia11$27K
LOCKHEED MARTIN CORPORATION—Maryland11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
THE WASHINGTON TAX & PUBLIC POLICY GROUP836$4.2M
FEDEX CORPORATION18—
BOEING COMPANY15—
SYNOPSYS, INC.15—
AMAZON.COM SERVICES LLC14—
CHAMBER OF COMMERCE OF THE U.S.A.14—
LOCKHEED MARTIN CORPORATION11—
THE HAZEN COUNSEL, LLC11$27K

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 198.

LobbyistFirmsClientsFilings
GREGORY NICKERSON1836
ZACHARY PRICE1836
JAMES PEDROTTI1419
DAVID KORKOIAN118
JACKIE KELLY118
JUSTIN KRAWCZYK118
KATHRYN KENNEDY118
LANCE MANGUM118
PAUL MCKERNAN118
ANDREW ROLLO115
CHAD KREIKEMEIER115
DARIO GOMEZ115
DAVID WOLF115
DUSTIN TODD115
EMMANUEL TORMES115
JEFF SHOCKEY115
JOEL DIGRADO115
KELLY KYES115
KEVIN ROZELSKY115
KRISTA O'NEILL115

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 second_quarter$19.3M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 first_quarter$19.3M1st Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 third_quarter$13.7M3rd Quarter - Report
AMAZON.COM SERVICES LLCAMAZON.COM SERVICES LLC2025 second_quarter$4.5M2nd Quarter - Report
AMAZON.COM SERVICES LLCAMAZON.COM SERVICES LLC2025 first_quarter$4.4M1st Quarter - Amendme…
AMAZON.COM SERVICES LLCAMAZON.COM SERVICES LLC2025 third_quarter$4.4M3rd Quarter - Report
AMAZON.COM SERVICES LLCAMAZON.COM SERVICES LLC2025 first_quarter$4.3M1st Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2025 fourth_quarter$3.7M4th Quarter - Report
LOCKHEED MARTIN CORPORATIONLOCKHEED MARTIN CORPORATION2025 first_quarter$3.6M1st Quarter - Report
BOEING COMPANYBOEING COMPANY2025 second_quarter$3.3M2nd Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2025 third_quarter$3.2M3rd Quarter - Amendme…
FEDEX CORPORATIONFEDEX CORPORATION2025 third_quarter$3.2M3rd Quarter - Amendme…
FEDEX CORPORATIONFEDEX CORPORATION2025 third_quarter$3.2M3rd Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2026 first_quarter$3.1M1st Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2025 second_quarter$3M2nd Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2026 second_quarter$2.9M2nd Quarter - Report
BOEING COMPANYBOEING COMPANY2025 fourth_quarter$2.9M4th Quarter - Report
FEDEX CORPORATIONFEDEX CORPORATION2025 first_quarter$2.8M1st Quarter - Report
BOEING COMPANYBOEING COMPANY2026 second_quarter$2.8M2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 1062 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 1062’s is Taxation.

hr1062/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 1062, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 25 (Thursday, February 6, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. FEENSTRA:H.R. 1062.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 1 (Taxing and Spending Clause)[Page H556]

Source: congress.gov · legiscan.com