Bring Entrepreneurial Advancements To Consumers Here In North America Act

Section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

For purposes of this section, qualified nonresidential real property shall be treated as 20-year property.

For application of bonus depreciation to qualified nonresidential real property, see subsection (k).

For purposes of this subsection, the term qualified nonresidential real property means nonresidential real property placed in service in the United States by a qualified manufacturer if such property is acquired by such qualified manufacturer in connection with a qualified relocation of manufacturing.

For purposes of this subsection, the term qualified manufacturer means any person engaged in the trade or business of manufacturing any tangible personal property.

For purposes of this subsection—

The term qualified relocation of manufacturing means, with respect to any qualified manufacturer, the relocation of the manufacturing of any tangible personal property from a foreign country to the United States.

For purposes of subparagraph (A), manufacturing shall not fail to be treated as relocated merely because property used in such manufacturing was not relocated.

For purposes of subparagraph (A), manufacturing shall not be treated as relocated unless the property manufactured in the United States is substantially identical to the property previously manufactured in a foreign country and the increase in the units of production of such property in the United States by the qualified manufacturer is not less than the reduction in the units of production of such property in such foreign country by such qualified manufacturer.

For purposes of this subsection, the term United States includes any possession of the United States.

Part III of subchapter B of chapter 1 of such Code is amended by inserting after section 139I the following new section:

In the case of a qualified manufacturer, gross income shall not include gain from the sale or exchange of qualified relocation disposition property.

For purposes of this section, the term qualified relocation disposition property means any property which—

(1) is sold or exchanged by a qualified manufacturer in connection with a qualified relocation of manufacturing, and

(2) was used by such qualified manufacturer in the trade or business of manufacturing any tangible personal property in the foreign country from which such manufacturing is being relocated.

Terms used in this section which are also used in subsection (n) of section 168 shall have the same meaning when used in this section as when used in such subsection.

The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139I the following new item:

The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.

The amendments made by subsection (b) shall apply to sales and exchanges after the date of the enactment of this Act.

Paragraph (6) of section 168(k) of the Internal Revenue Code of 1986 is amended to read as follows:

For purposes of this subsection, the term applicable percentage means, in the case of property placed in service (or, in the case of a specified plant described in paragraph (5), a plant which is planted or grafted) after September 27, 2017, 100 percent.

(1) Section 168(k) of the Internal Revenue Code of 1986 is amended—

(A) in paragraph (2)—

(i) in subparagraph (A)—

(I) in clause (i)(V), by inserting and at the end;

(II) in clause (ii), by striking clause (ii) of subparagraph (E), and and inserting clause (i) of subparagraph (E).; and

(III) by striking clause (iii);

(ii) in subparagraph (B)—

(I) in clause (i)—

(aa) by striking subclauses (II) and (III); and

(bb) by redesignating subclauses (IV) through (VI) as subclauses (II) through (IV), respectively;

(II) by striking clause (ii); and

(III) by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively;

(iii) in subparagraph (C)—

(I) in clause (i), by striking and subclauses (II) and (III) of subparagraph (B)(i); and

(II) in clause (ii), by striking subparagraph (B)(iii) and inserting subparagraph (B)(ii); and

(iv) in subparagraph (E)—

(I) by striking clause (i); and

(II) by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and

(B) in paragraph (5)(A), by striking planted before January 1, 2027, or is grafted before such date to a plant that has already been planted, and inserting planted or grafted.

(2) Section 460(c)(6)(B) of such Code is amended by striking which and all that follows through the period and inserting which has a recovery period of 7 years or less..

The amendments made by this section shall take effect as if included in section 13201 of Public Law 115–97.