PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 07 · Reported to House · Jun 30, 2023
Build It in America Act
This bill provides for tax incentives to encourage investment in the United States.
The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance.
Showing the opening paragraphs of the official summary.
The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax.
The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern.
The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.
People & committees
Rep. Smith, Jason [R-MO-8] · R–MO
Legislative record
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Placed on the Union Calendar, Calendar No. 99.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3938 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3938 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
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