Congress moves to lock in a $10B+ tax break for multinational corporations
H.R. 1062 — Growing and Preserving Innovation in America Act of 2025 · Filed by Randy Feenstra (R-IA) · 7 cosponsors · Introduced Feb 6, 2025 · Referred to committee
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What it does
This bill permanently blocks a scheduled reduction in the tax deduction for foreign-derived intangible income (FDII). Under current law, the deduction was set to shrink from 50% to 37.5% in 2026; this bill keeps it at 50%, preserving a tax break for U.S. corporations on profits from intellectual property and intangibles earned abroad. The primary beneficiaries are multinational corporations with significant foreign IP income.
Why we flagged it
The bill's sole operative effect is to preserve a tax deduction for multinational corporations, preventing a scheduled reduction in that deduction. This is a direct tax benefit to a narrow private sector.
What the text implies
- The bill does not specify which corporations benefit most, but the FDII deduction is primarily claimed by large multinational firms with substantial foreign intangible income (tech, pharma, finance). Smaller domestic-focused businesses do not benefit.
- Preserving the 50% deduction instead of allowing it to drop to 37.5% costs the federal government an estimated $10–15 billion over ten years (per CBO estimates of similar provisions), revenue that would otherwise reduce the deficit or fund public services.
- The bill's effective date is immediate upon enactment, preventing any transition period and locking in the higher deduction retroactively if passed mid-year.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
The bill preserves a tax deduction that reduces federal revenue without a corresponding public benefit. The foregone revenue must be made up through other taxes, spending cuts, or deficits—costs borne by ordinary taxpayers. The beneficiaries are multinational corporations with foreign IP income, a narrow private interest.
Who stands to gain
- multinational corporations with foreign-derived intangible income
- technology companies
- pharmaceutical companies
- financial services firms
Named in the bill
Internal Revenue Code Section 250, U.S. multinational corporations, Foreign-derived intangible income (FDII)
Where it stands
7 cosponsors: 6 Republicans, 1 Democrats.
- Feb 6, 2025 — Introduced · Congress.gov: “Introduced in House”
- Feb 6, 2025 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
12 lobbying clients named this bill on 12 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $24,470,000 in lobbying spend. A filing names 10 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 93% of bills with at least one filing.
Randy Feenstra, the sponsor, reported $570,750 in PAC receipts in the 2026 cycle. $12,000 of that came from 5 PACs tied to these lobbying clients.
- Chamber of Commerce of the U.S.A. — $17,960,000 on 1 filing
- Fedex Corporation — $2,930,000 on 1 filing
- Boeing Company — $2,770,000 on 1 filing
- Synopsys, Inc. — $290,000 on 1 filing
- Tax Reform Coalition — $250,000 on 1 filing
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (525 characters) on Jul 25, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
“Congress moves to lock in a $10B+ tax break for multinational corporations” QuorumCivic. https://share.quorumcivic.app/bill/119/hr1062 Report an error
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