Bring Jobs Home Act
- Last Action
- 1/30/2017
Actions
- 2017-01-30Read twice and referred to the Committee on Finance.
- 2017-01-30Introduced in Senate
CRS Summary
As of 2017-01-30 (00)
Bring Jobs Home Act
This bill amends the Internal Revenue Code to: (1) grant business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses.
Cosponsors (17)
- Sheldon Whitehouse (D-RI)
- Tammy Baldwin (D-WI)
- Jeanne Shaheen (D-NH)
- John Reed (D-RI)
- Richard Blumenthal (D-CT)
- Amy Klobuchar (D-MN)
- Sherrod Brown (D-OH)
- Richard Durbin (D-IL)
- Claire McCaskill (D-MO)
- Kirsten Gillibrand (D-NY)
- Gary Peters (D-MI)
- Robert Menendez (D-NJ)
- Al Franken (D-MN)
- Bob Casey (D-PA)
- Dianne Feinstein (D-CA)
- Joe Donnelly (D-IN)
- Elizabeth Warren (D-MA)
Subjects
- Business investment and capital
- Employee hiring
- Foreign and international corporations
- Income tax credits
- Income tax deductions
- Taxation of foreign income
- U.S. territories and protectorates
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.