PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 2, 2004
Growing Our Manufacturing Employment (GoME) Act - Amends the Internal Revenue Code to establish as a general business tax credit a manufacturer's jobs credit equal to a certain percentage of wages paid to the employees (including employees eligible for a trade readjustment allowance) of a taxpayer that has a certain level of domestic production gross receipts in the current and preceding taxable years and that is not disqualified as an inverted domestic corporation (a foreign corporation that manipulates its structure to evade U.S. taxes).
Allows an income tax deduction for: (1) nine percent of income allocable to domestic production activities; (2) up to $10,000 of reforestation expenditures in the current taxable year.
Permits a taxpayer to revoke a prior election to treat the cutting of timber as a sale or exchange. Qualifies the outright sale of timber for capital gains tax treatment. Repeals the investment tax credit for reforestation expenditures.
Showing the opening paragraphs of the official summary.
Sets forth requirements for transactions to qualify for tax benefits under the economic substance doctrine, including special rules for transactions with tax-indifferent parties.
Sets forth rules for the tax treatment of inverted domestic corporations (a foreign incorporated entity that acquires substantially all of the properties of a domestic corporation or partnership, that retains 80 percent of stock ownership identity, and that does not have substantial business activities in the foreign country under whose law the entity is created, for the purpose of avoiding U.S. taxation). Treats a foreign corporation deemed to be an inverted domestic corporation as a domestic corporation for U.S. tax purposes.
People & committees
Sen. Collins, Susan M. [R-ME] · R–ME
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S2024-2025)
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 18, 2025. Consult Congress.gov for the current record.
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