Senate to Vote Tomorrow on Legislation Co-Authored by Senator Stabenow to Bring Jobs Back to AmericaTuesday, July 22, 2014
The Senate will vote tomorrow on legislation co-authored by U.S. Senator Debbie Stabenow to stop rewarding companies that move jobs overseas and instead create new incentives to bring jobs home. The Bring Jobs Home Act, introduced by Senator Stabenow, Senator John Walsh, Senator Mark Pryor and others, ends a tax loophole for companies that move jobs overseas and cuts taxes for companies that bring jobs back to America from another country.
"It's outrageous that workers are paying to ship their own jobs overseas through the tax code," Stabenow said. "We should be rewarding companies that are bringing jobs home. This is about jobs. Senators Walsh, Pryor, and I hope that all of our colleagues, regardless of party, will join our fight to give every American worker a fair shot to get ahead."
Earlier today, Stabenow was joined at a press conference in support of her legislation by Senators Pryor, Schumer, Cardin, Casey, and Whitehouse, as well as workers from the UAW and United Steelworkers unions. The Bring Jobs Home Act is also supported by AFL-CIO; Communications Workers of America; the American Federation of State, County, and Municipal Employees; the Service Employees International Union (SEIU), the Teamsters; and the International Association of Machinists and Aerospace Workers.
In 2012, her legislation garnered the support of a bipartisan majority of Senators, but the bill was blocked by a Republican filibuster.
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.