Invest in America Act of 2003

H.R. 1162, the Invest in America Act of 2003, proposed a temporary tax incentive to encourage American corporations to bring profits earned overseas back into the United States. The bill would have allowed companies to pay a significantly lower tax rate on these foreign earnings, provided the money was reinvested domestically according to a formal plan approved by the company's leadership. The goal of the legislation was to stimulate the U.S. economy by increasing domestic corporate spending on activities such as research, development, and job creation.