Build It in America Act

The Build It in America Act (HR 3938) extends tax incentives for businesses, including allowing immediate expensing of research costs and extending 100% bonus depreciation until 2026. It repeals various clean energy tax credits, such as those for clean electricity production, clean vehicles, and previously-owned clean vehicles. The bill also imposes a 60% tax on foreign entities from designated "countries of concern" (including China, Russia, Iran, North Korea, Cuba, and Venezuela) that purchase U.S. agricultural interests. These provisions primarily affect businesses engaged in research, manufacturing, and agriculture, with the goal of promoting domestic investment and supply chain security.