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Ways and Means Committee advances legislation to combat Inflation Reduction Act

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The House Committee on Ways and Means advanced legislation out of committee designed to “counter China’s growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land sales to companies from countries of concern.”

The lawmakers behind the “Build It in America Act” vowed to assist American families and small businesses economically.

The measure was moved forward after feedback from American families and small businesses during various hearings throughout the country.

Committee Chairman Jason Smith, R-Mo., said, “The families, farmers, workers, and job creators we’ve heard have spoken with one voice. They want Congress to invest in America, to give workers and businesses a fair shot at competing with the rest of the world, to stand up to China and restore our energy independence to lower gas prices. Under the Biden Administration, the opposite is happening. Over the past few years, America has shrunk on the world stage.”

Smith called out President Joe Biden’s administration for its energy policies, saying that the act would lower gas prices by repealing the 16.4 cent per barrel superfund tax on petroleum that was part of the Inflation Reduction Act.

The legislation also aims to immediately deduct research and development costs for small businesses, make interest more deductible for medium-sized businesses during a time of rising interest rates, and allow job creators to deduct 100% of their cost of equipment, machinery, and vehicles.

Republican leadership on the committee said that the Act would help smaller domestic businesses, unlike the Inflation Reduction Act’s disproportionate benefit to big banks and larger corporations.

In addition to the tax deductions for smaller businesses, the measure would roll back the administration’s tax regulations that Republicans said countries like China and Russia and prevent the purchase of agricultural land in the U.S. by buyers from “countries of concern,” namely Russia, China, and Iran.

The bill was introduced as one piece of the American Families and Jobs Act, which also is comprised of the Tax Cuts for Working Families Act and the Small Business Jobs Act.

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