; findings (a) Short title This Act may be cited as the Rebuilding American Manufacturing Act of 2017 . (b) Findings Congress finds the following: (1) American manufacturing is vital to our economy, and those who produce American goods and hire American workers should be a priority. (2) Manufacturing is an essential source of innovation that is critical to our continued prosperity in an increasingly competitive global economy. (3) Approximately 12 million Americans are employed by the manufacturing industry. (4) The manufacturing industry provides stable jobs with sustainable wages to Americans in every State. (5) Manufacturing jobs provide, on average, wages that are above the national average and provide a gateway to the middle class. (6) The effective tax rate of domestic manufacturers ranges from 27 to 31 percent, depending on location and the size of equipment used in production. (7) Tax reform must make the United States more competitive, boost economic growth, and foster the creation of sustainable American jobs. (8) Tax reform should particularly focus on those companies that grow, build, and create goods in the United States. (9) The tax rate of domestic manufacturers should reflect the industry’s contributions of employment, growth, innovation, and competition in the United States. 2. 20-percent income tax rate for domestic manufacturing income (a) In general Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 200. Domestic manufacturing income (a) Allowance of deduction There shall be allowed as a deduction an amount equal to 50.5 percent (43 percent in the case of a C corporation) of the lesser of— (1) the domestic manufacturing income of the taxpayer for the taxable year, or (2) taxable income (determined without regard to this section and section 199) for the taxable year. (b) Limitation based on domestic investment For purposes of this section— (1) In general The amount of the deduction allowable under subsection (a)