1. Short title This Act may be cited as the Reshoring American Manufacturing Act of 2023 or as the RAM Act of 2023 . 2. Credit for certain expenses of moving manufacturing equipment from China to the United States (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Manufacturing reshoring credit (a) In general For purposes of section 38, the manufacturing reshoring credit for any taxable year is the applicable percentage of the eligible reshoring expenses paid or incurred by the taxpayer during such taxable year. (b) Limitation The credit determined under subsection (a) with respect to any taxpayer for any taxable year shall not exceed $25,000,000. (c) Applicable percentage For purposes of this section, the term applicable percentage means— (1) in the case of any taxable year beginning in 2023 or 2024, 100 percent, (2) in the case of any taxable year beginning in 2025, 80 percent, and (3) in the case of any taxable year beginning in 2026, 60 percent. (d) Eligible reshoring expenses For purposes of this section— (1) In general The term eligible reshoring expenses means, with respect to any taxpayer, amounts paid or incurred by such taxpayer for the transportation (including any import duties, fees, or tariffs imposed with respect to such transportation) of qualified manufacturing equipment from China to the United States. (2) Qualified manufacturing equipment The term qualified manufacturing equipment means, with respect to any taxpayer, manufacturing equipment owned by such taxpayer which— (A) before the transportation referred to in paragraph (1) was used by such taxpayer to manufacture tangible property in China, and (B) after the transportation referred to in paragraph (1) is used by such taxpayer to manufacture tangible property in the United States. (e) Recapture If any qualified manufacturing equipment with respect to which a credit was allowed under this section is transported outside the