Home | news | Press Releases

Press Releases

Posey Introduces Legislation to Bring Manufacturing Jobs Back from China


Washington, July 14, 2020 - While the COVID-19 crisis has shown how overly dependent we have become on China and other nations for vital supplies and consumer goods, Congressman Bill Posey (R-Rockledge) has proposed legislation to assist American companies that want to bring manufacturing facilities back to the United States. Yesterday, Posey introduced H.R. 7594, the Reshoring American Manufacturing Act of 2020 (RAM ACT) to assist U.S. companies that re-shore their manufacturing equipment from China back to the United States. 

“Over the last three years, we have made great progress in rebuilding America’s manufacturing capability adding 500,000 good paying manufacturing jobs,” said Congressman Posey. “This legislation will build on that success by further breaking our dependence on China, restoring American manufacturing jobs, and rebuilding American industries and supply chains that are vital to our national security by bringing them home.”

Specifically, the RAM Act will provide tax credits to U.S. companies to bring manufacturing equipment back to the United States from China. Some companies face hurdles like high costs associated with transporting manufacturing equipment back to the United States. The RAM Act also requires companies to put the equipment into production in the U.S. There is also a “claw back” provision to prevent companies from moving this same equipment back out of the U.S. should they take advantage of the tax credit. 

 

Print version of this document

Congressional Estuary Caucus

Dedicated to estuary restoration and conservation.

Visit Site

Congressional Motorsports Caucus

Revving up the American Economy.

Visit Site

Take My Latest Survey

Let me know how I can better serve you!

Take Survey

Read the Constitution

Read Now

Sign up for Email Updates

U.S National Debt