Section 1 Short title
This Act may be cited as the “Invent and Manufacture in America Act”.
Invent and Manufacture in America Act
A BILL
To amend the Internal Revenue Code of 1986 to enhance the research credit for domestic manufacturers.
Sec. 2 Enhanced research credit for domestic manufacturers
In general— Section 41 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(i) Enhanced credit for domestic manufacturers
“(1) In general—In the case of a qualified domestic manufacturer, this section shall be applied—
“(A) except as provided in subparagraph (B), by increasing the 20 percent amount in subsection (a)(1) by the bonus amount, and
“(B) in the case of a qualified domestic manufacturer making an election under subsection (c)(5)—
“(i) by increasing the 14 percent amount under subsection (c)(5)(A) by the alternative simplified bonus amount, and
“(ii) by increasing the 6 percent amount under subsection (c)(5)(B)(ii) by the subsection (c)(5)(B) bonus amount.
“(2) Qualified domestic manufacturer—For purposes of this subsection—
“(A) In general—The term qualified domestic manufacturer means a taxpayer who has domestic production gross receipts which are more than 50 percent of total gross receipts.
“(B) Domestic production gross receipts—The term domestic production gross receipts has the meaning given to such term under section 199(c)(4).
“(3) Bonus amount; alternative simplified bonus amount; subsection (c)(5)(B) amount—For purposes of paragraph (1):”
Effective date— The amendment made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2017.