Senator Stabenow Unveils New Bring Jobs Home Act
In Grand Rapids, Detroit, Lansing and Flint, Stabenow Announces New Initiative to Offer Tax Credit for Companies that Bring Jobs to America, End Loopholes that Give Tax Breaks to Companies that Send Jobs Overseas
U.S. Senator Debbie Stabenow today unveiled a new initiative to boost Michigan's economy by encouraging businesses to bring jobs to America and discourage companies from shipping jobs overseas. Stabenow unveiled her new legislation, the Bring Jobs Home Act, in the Keller Engineering Laboratories Building at Grand Valley State University in downtown Grand Rapids and at GalexE.Solutions in downtown Detroit. Stabenow's Bring Jobs Home Act will cut taxes for companies that move jobs and business activity to America from another country. At the same time, Stabenow's initiative will also end tax loopholes that reward companies that ship jobs overseas.
The Keller Engineering Laboratories Building at Grand Valley State University provides engineering students with a 30,000 square foot living laboratory to facilitate student research, projects and experiments.
GalaxE.Solutions is a global IT custom systems developer that opened a development center in downtown Detroit in 2010. GalaxE.Solutions is committed to bringing IT jobs back to the U.S. through programs such as "Outsource to Detroit," a campaign focused on building a healthcare IT hub in downtown Detroit. The company has already hired more than 150 IT professionals with more than 200 immediate openings.
Lansing Community College's West Campus facility houses the Michigan Technical Education Center (M-TEC) and a Technical Training Center to provide advanced manufacturing training and technical education opportunities for students. Completed in 2004, the 290,536 square foot West Campus facility is home to community partnerships with companies such as General Motors, Haas, Lincoln Welding, and Siemens Building Technologies.
Mott Community College's Regional Technology Center is home to the FABLAB, or Digital Fabrication Laboratory, which is part of a mid-Michigan initiative to promote innovation and entrepreneurship. Using digital technologies and sophisticated equipment, students and entrepreneurs are able to turn ideas into products. An Entrepreneurship Team, managed by the Genesee Regional Chamber of Commerce, is also a partner which offers business counseling and development services.
Senator Stabenow said: "We need to be exporting our products, not our jobs. Instead of letting companies use tax loopholes to ship jobs overseas, we need to be cutting taxes for companies that create jobs in America. Michigan is home to the hardest-working, skilled workforce in the world, and our entrepreneurs are turning innovative ideas into new job-creating businesses. My initiative will help bring new jobs to Michigan by providing an incentive for businesses to bring jobs home, and it will stop rewarding companies that outsource."
Paul Plotkowski, Dean of GVSU's College of Engineering and Programming said: "At Grand Valley State, we're proud of the fact that the vast majority of our graduates are employed, and choose to be employed right here in Michigan. I commend Senator Stabenow for working to help create jobs at home so more recent graduates and other Michigan residents can continue to find work in our state."
Tim Bryan, Chairman and CEO of GalaxE.Solutions said: "It is quite rewarding to see our message of job repatriation resonating at the highest levels of business and government in this country. A monumental shift is taking place that needs to be acted upon now. Senator Stabenow's initiative is poised to be a game changer in putting Americans back to work."
George Berghorn, Dean of Technical Careers at Lansing Community College said: "Our mission in the Technical Careers Division is to provide state-of-the-art education and training programs. The programs at West Campus provide the knowledge and skills essential for transition to employment. With the constantly changing job market and advancements in technology, life-long learning is essential. We would like to thank Senator Debbie Stabenow for being here today. We feel there is no better place than Lansing Community College's West Campus to talk about technology and the initiative to create highly skilled, high paying jobs in Mid-Michigan."
Douglas Stites, CEO of Capital Area Michigan Works! said: "The Bring Jobs Home Act has the potential to improve our local economy. Thousands of individuals visit Capital Area Michigan Works! each week and they need to be connected to the right employer. This act could provide more opportunities to not only the job seeker, but the businesses as well."
Dr. Dick Shaink, President of Mott Community College said: "At Mott Community College, our students are learning the advanced skills and innovative training necessary to prepare them for the jobs of the future. I want to thank Senator Stabenow for choosing Mott College to make this important announcement. We share her interest in seeing that more of our students are able to find good-paying jobs right here in Michigan."
Senator Stabenow's Bring Jobs Home Act:
Creates a new tax cut to provide an incentive for companies to move jobs and business activity from another country 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 and business activity back to the United States. The company will be able to apply the 20% tax credit against their income tax.
Ends a tax deduction for companies that outsource jobs and business activity. 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.
Senator Stabenow has long-championed efforts to ensure U.S. businesses and workers can become more globally competitive and create more jobs in America. Last year, Senator Stabenow introduced her American Competitiveness Plan to crack down on other countries' trade violations. One of the main provisions of Stabenow's Plan, which called for a trade enforcement unit to hold countries that violate trade laws accountable, was created by President Obama earlier this year. Other provisions of Stabenow's plan include a bill to crackdown on China's currency manipulation (which passed the Senate last year with overwhelming bipartisan support) and provisions to strengthen penalties for foreign companies who steal American technology and intellectual property.