Growing and Preserving Innovation in America Act of 2024

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 8184 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 8184 To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 30, 2024 Mrs. Steel (for herself 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Growing and Preserving Innovation in America Act of 2024''. SEC. 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…