U.S. Senator Debbie Stabenow introduced today legislation that stops rewarding companies that move jobs overseas and instead creates new incentives to bring jobs home. Her legislation would end a tax loophole that currently pays for companies to move jobs overseas, while maintaining the deduction for those bringing jobs home. In addition, it would also provide a 20 percent tax credit to help companies with the cost of bringing jobs back to America. This bill was blocked by a Republican filibuster in 2012 and 2014.
‘American workers deserve a fair shot to get ahead,’ said Stabenow. ‘It’s outrageous that instead of rewarding companies that are bringing jobs home, workers as taxpayers are paying to ship their own jobs overseas under the current tax code. All of my colleagues should support this critical legislation and help our workers compete on a level playing field.’
Over the past decade, 2.4 million American jobs have been shipped overseas, and approximately 21.5 million more jobs are at risk being moved overseas today. The Bring Jobs Home Act would strengthen manufacturing and other industrial sectors by encouraging companies to support American workers and move jobs back to the United States.
Senator Stabenow’s Bring Jobs Home Act:
Ends a tax loophole that pays the moving expense of companies that send jobs overseas. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction. Senator Stabenow’s legislation will keep this deduction in place for companies that bring jobs and business activity back home but businesses would no longer be able to get a tax benefit for shipping jobs overseas.
Creates a new tax cut to provide an incentive for companies to bring jobs back to America. Specifically, her initiative will allow companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs back to the United States.
This legislation is cosponsored by Senators Chuck Schumer (D-NY), Sheldon Whitehouse (D-RI), Elizabeth Warren (D-MA), Tom Udall (D-NM), Tammy Baldwin (D-WI), Jeanne Shaheen (D-NH), Al Franken (D-MN), Jack Reed (D-RI), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Ed Markey (D-MA), Amy Klobuchar (D-MN), Ben Cardin (D-MD), and Gary Peters (D-MI).
Read more here:: Senator Stabenow Introduces Bill to Bring Jobs Back to America
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