To allow expensing of amounts paid to move business property from China to the United States, and for other purposes.

I 116TH CONGRESS 2D SESSION H. R. 6903 To allow expensing of amounts paid to move business property from China to the United States, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 15, 2020 Mr. GREEN of Tennessee introduced the following bill; which was referred to the Committee on Ways and Means A BILL To allow expensing of amounts paid to move business prop- erty from China to the United States, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. EXPENSING OF AMOUNTS PAID TO MOVE BUSI- 3 NESS PROPERTY FROM CHINA TO THE 4 UNITED STATES. 5 (a) IN GENERAL.—The Secretary of the Treasury (or 6 the Secretary’s delegate) shall establish a program under 7 which amounts paid by a United States person (as defined 8 in section 7701(a)(30)) to move inventory and equipment 9 and supplies used in a trade or business of the taxpayer 10 VerDate Sep 11 2014 16:32 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6903.IH H6903 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6903 IH from China to the United States are allowed as a deduc- 1 tion in the taxable year in which paid by the taxpayer. 2 (b) REGULATIONS.—The Secretary of the Treasury 3 (or the Secretary’s delegate) shall issue regulations under 4 the program carried out under subsection (a) that restrict 5 the amounts that may be expensed under such program 6 to business moving expenses (within the meaning of the 7 Internal Revenue Code of 1986 and the regulations and 8 guidance issued thereunder). 9 (c) EXPENSING PAID FOR WITH TARIFFS COL- 10 LECTED FROM CHINA.— 11 (1) ESTABLISHMENT OF TRUST FUND.—There 12 is established in the Treasury of the United States 13 a trust fund consisting of such amounts as are ap- 14 propriated to such trust fund under paragraph (2). 15 (2) APPROPRIATIONS TO TRUST FUND.—There 16 are hereby appropriated to such trust fund amounts 17 equivalent to the tariffs collected by the United 18 States on goods manufactured in China. 19 (3) APPROPRIATIONS FROM TRUST FUND.— 20 There are hereby appropriated from such trust fund 21 to the General Fund of the Treasury amounts equiv- 22 alent to the reduction in revenue to such General 23 Fund by reason of subsection (a). 24 VerDate Sep 11 2014 16:32 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6903.IH H6903 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6903 IH (4) TIMING OF TRANSFERS, ETC.—Rules simi- 1 lar to the rules of section 9601 of the Internal Rev- 2 enue Code of 1986 shall apply with respect to appro- 3 priations to and from such trust fund under para- 4 graphs (2) and (3). 5 Æ VerDate Sep 11 2014 16:32 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6903.IH H6903 pamtmann on DSKBC07HB2PROD with BILLS