A bill to establish a voluntary program in the National Highway Traffic Safety Administration to encourage consumers to purchase or lease new automobiles made in the United States, and for other purposes.
American Cars, American Jobs Act of 2018 This bill establishes in the National Highway Traffic Safety Administration the American Cars, American Jobs Program. Under the program, the Department of Transportation must issue vouchers of $3,500 to offset the purchase or lease price of a new automobile made in the United States if at least 45% of the automobile's parts come from the United States or Canada and assembly of the automobile occurs in the United States. The bill amends the Internal Revenue Code to disallow a tax deduction for the global low-tax income of certain foreign subsidiaries of U.S. automakers whose profits exceed a specified percentage of their value.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Transportation and Public Works
Administrative law and regulatory proceduresBuy American requirementsCanadaConsumer affairsCorporate finance and managementDepartment of TransportationForeign and international corporationsGovernment information and archivesIncome tax deductionsLease and rental servicesManufacturingMotor vehiclesRetail and wholesale tradesTaxation of foreign incomeUnemployment
A bill to establish a voluntary program in the National Highway Traffic Safety Administration to encourage consumers to purchase or lease new automobiles made in the United States, and for other purposes.
USA115th CongressS-3324| Senate
| Updated: 8/1/2018
American Cars, American Jobs Act of 2018 This bill establishes in the National Highway Traffic Safety Administration the American Cars, American Jobs Program. Under the program, the Department of Transportation must issue vouchers of $3,500 to offset the purchase or lease price of a new automobile made in the United States if at least 45% of the automobile's parts come from the United States or Canada and assembly of the automobile occurs in the United States. The bill amends the Internal Revenue Code to disallow a tax deduction for the global low-tax income of certain foreign subsidiaries of U.S. automakers whose profits exceed a specified percentage of their value.
Administrative law and regulatory proceduresBuy American requirementsCanadaConsumer affairsCorporate finance and managementDepartment of TransportationForeign and international corporationsGovernment information and archivesIncome tax deductionsLease and rental servicesManufacturingMotor vehiclesRetail and wholesale tradesTaxation of foreign incomeUnemployment