H.R. 1062: Growing and Preserving Innovation in America Act of 2025

119th Congress · introduced 2025-02-06 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Official title

Growing and Preserving Innovation in America Act of 2025

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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Official text

Growing and Preserving Innovation in America Act of 2025

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Feenstra, Randy [R-IA-4] · 7 cosponsors

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Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr1062.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr1062 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills