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Congress Aug 2014 - "Bringing Jobs Home and Cracking Down on Human Trafficking"

Congress Aug 2014 - "Bringing Jobs Home and Cracking Down on Human Trafficking"

Congress Aug 2014 - "Bringing Jobs Home and Cracking Down on Human Trafficking"

Excerpt


Bringing Jobs Home and Cracking Down on Human Trafficking


Bring Jobs Home Act (S 2569) – This bill was passed in the Senate by a vote of 93-7 on July 23 and moves to the House for debate. If the bill were to become law, corporations would lose the ability to deduct the cost of moving overseas. There is renewed interest in the bill because it’s a congressional election year and because, in recent years, corporate offshoring has become more prevalent as American corporations used mergers to transfer their headquarters overseas to lower their tax liability. Specifically, this act would amend the Internal Revenue Code to grant businesses a tax credit (up to 20 percent) for insourcing expenses incurred by eliminating a business located outside the United States and relocating it within the United States, and mandate that companies increase the number of full-time employees in the United States in order to claim the credit. In addition, it also would eliminate the tax deduction for outsourcing expenses related to relocating a U.S. business outside the United States. President Obama first called on Congress to pass such legislation in early 2012 as part of his strategy to restore American manufacturing.


 



 


 


 


 



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