Peoria Standard

U.S. Representatives Darin LaHood (R-IL) and Drew Ferguson (R-GA), members of the House Ways and Means Committee, introduced the Bringing Back American Jobs Through Intellectual Property Repatriation Act on May 8, 2024. The bill aims to remove obstacles within the tax code to incentivize American businesses to return valuable intellectual property to the United States. Representatives LaHood and Ferguson were joined by other colleagues in introducing the legislation.

"As Congress works to counter growing aggression from China, incentivizing the return of American IP through our tax code will strengthen our economic competitiveness on the global stage," said Rep. LaHood.

"America must incentivize strong and robust domestic supply chains while protecting our nation’s intellectual property," said Rep. Ferguson. "This important bill provides the needed tax policies that encourage the return of jobs and manufacturing to the United States."

The Bringing Back American Jobs Through Intellectual Property Repatriation Act allows U.S. companies to bring back their IP developed offshore without any immediate U.S. tax cost. It also ensures that IP must return to the United States within a specific timeframe.

These changes aim to help U.S. businesses support domestic production, encourage high-paying jobs, and discourage the migration of high-tech jobs outside the United States.