HR 7594
RAM Act of 2020
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Bill overview
The Reshoring American Manufacturing Act of 2020 (RAM Act) provides a tax credit to businesses for the cost of moving manufacturing equipment from China to the United States. This credit, up to $25 million per year, is designed to incentivize companies to bring manufacturing operations back to American soil. The credit gradually decreases over time, reaching 60% in 2023, and is subject to limitations and recapture rules to prevent double benefits. The bill amends the Internal Revenue Code to establish this new credit and integrate it into the existing general business credit.
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Primary sponsor
Bill Posey
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