H.R. 9921 · 119th Congress
Where it stands
Introduced. Latest step, Jul 23, 2026: Referred to the House Committee on Ways and Means. It would change 4 sections of existing law.
H.R. 9921 would change 4 sections of existing law. Read from the bill text as introduced in the House (Jul 23, 2026).
26 U.S.C. 46 Amount of credit
26 U.S.C. 6417 Elective payment of applicable credits
26 U.S.C. 6418 Transfer of certain credits
26 U.S.C. 1357 Items not subject to regular tax; depreciation; interest
Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.
26 U.S.C. 46(6)changedby H.R. 9921 Sec. 2(b)
(6) the advanced manufacturing investment credit,and
The bill says: in paragraph (6), by striking "and" at the end,
26 U.S.C. 46(7)changedby H.R. 9921 Sec. 2(b)
(7) the clean electricity investment credit., and
The bill says: in paragraph (7), by striking the period at the end and inserting ", and", and
26 U.S.C. 46added (8)by H.R. 9921 Sec. 2(b)
(8) the shipyard investment tax credit.
The bill says: by adding at the end the following:
26 U.S.C. 6417(b)added (13)by H.R. 9921 Sec. 2(c)
(13) The shipyard investment tax credit under section 48F.
The bill says: in subsection (b), by adding at the end the following:
26 U.S.C. 6417(d)(1)(E)changedby H.R. 9921 Sec. 2(c)
The bill says: in subparagraph (E), by striking "(C), or (D)" each place it appears and inserting "(C), (D), or (E)",
26 U.S.C. 6417(d)(1)renumberedby H.R. 9921 Sec. 2(c)
The bill says: by redesignating subparagraph (E) (as amended by clause (i)) as subparagraph (F), and
26 U.S.C. 6417(d)(1)added (E)by H.R. 9921 Sec. 2(c)
(E) Election with respect to the shipyard investment tax credit.— If a taxpayer other than an entity described in subparagraph (A) makes an election under this subparagraph with respect to any taxable year in which such taxpayer has placed in service any qualified property which is part of a qualified shipyard facility (as defined in section 48F), such taxpayer shall be treated as an applicable entity for purposes of this section for such taxable year, but only with respect to the credit described in subsection (b)(13).
The bill says: by inserting after subparagraph (D) the following:
26 U.S.C. 6418(f)(1)(A)added (xii)by H.R. 9921 Sec. 2(c)
(xii) The shipyard investment tax credit under section 48F.
The bill says: Section 6418(f)(1)(A) of the Internal Revenue Code of 1986 is amended by adding at the end the following:
26 U.S.C. 1357(c)(1)changedby H.R. 9921 Sec. 2(d)
(1) General rule. Subject toparagraph (2)paragraph (2) or (4), each item of loss, deduction (other than for interest expense), or credit of any taxpayer with respect to any activity the income from which is excluded from gross income under this section shall be disallowed.
The bill says: in paragraph (1), by striking "paragraph (2)" and inserting "paragraph (2) or (4)", and
26 U.S.C. 1357(c)added (4)by H.R. 9921 Sec. 2(d)
(4) Exception for shipyard investment tax credit.— Paragraph (1) shall not apply with respect to any credit allowed to the taxpayer under section 48F.
The bill says: by adding at the end the following new paragraph:
From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.
The Congressional Research Service hasn't published a summary of this bill yet. They usually follow within weeks of introduction.
Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.