SHAHEEN SUPPORTS BILL TO BRING JOBS BACK HOME TO AMERICA
Legislation would end tax breaks for companies shipping jobs overseasJuly 19, 2012
(Washington, D.C.) – U.S. Senator Jeanne Shaheen (D-NH) today voiced her support for legislation to end tax deductions for companies shipping jobs overseas and provide a tax credit to companies returning jobs back to the United States. The bill, the Bring Jobs Home Act, was introduced by Senator Debbie Stabenow (D-MI) and will be brought to the Senate floor for a vote today.
“The offshoring of American jobs has hurt the middle class, and it continues to be a real problem,” said Shaheen during remarks on the Senate floor today. “There’s no good reason we should continue giving companies an incentive to export good American jobs. We can also help address high unemployment by encouraging companies to bring jobs back to the United States, and the tax credit in this bill will help reverse the trend and put Americans back to work.”
The Bring Jobs Home Act would end the taxpayer subsidies that are helping to fund moving costs for companies closing their facilities and sending jobs abroad. As it stands now, the cost of moving personnel and company operations to a new location is defined as a business expense that qualifies for a tax deduction. The Bring Jobs Home Act would no longer allow this deduction for companies that move jobs and business activity outside of the U.S.
In addition, the legislation would provide a tax credit to companies that are returning jobs back to the United States. Companies would receive a 20% tax credit for the costs associated with moving a production line, trade or business back home.
The bill is S. 3364.
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