In response to the struggles faced by retailers, Representatives Ro Khanna and Debbie Dingell have introduced the Made in the USA Tax Credit Act. This bill aims to revitalize small American businesses by incentivizing shopping through tax credits.
Under the proposal, individuals could receive up to $2,500 in tax credits, while couples could get up to $5,000. These credits would apply to purchases of goods that meet the Federal Trade Commission’s Made in the USA standards, with a focus on products from small businesses with fewer than 500 employees.
However, certain items such as luxury goods, tobacco, firearms, and vehicles would be excluded from eligibility. To qualify for the tax credits, individuals must have an income below $125,000 per year, while couples must earn less than $250,000 annually.
Dingell emphasized the importance of supporting American manufacturing, stating that the bill encourages consumers to prioritize products from family-owned small businesses in their communities.
Khanna echoed this sentiment, highlighting the potential of the bill to make goods more affordable for consumers while supporting American businesses and workers.
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Despite its promising intentions, the proposal is still in its early stages. It must first pass through the House Committee on Ways and Means before advancing to the House, and the Senate, and ultimately receiving President Biden’s approval to become law.
