The Senate has voted overwhelmingly in favor of advancing a bill that would provide a tax incentive to employers that move their overseas jobs back to the United States, and eliminate a tax credit for moving operations outside the country. The chamber voted 93-7 to send the Bring Jobs Home Act (S. 2569) to the Senate floor for consideration.
Introduced by Sen. John Walsh (D-MT), the bill would disallow companies from classifying costs associated with moving personnel and equipment from the U.S. as a business expense eligible for a tax deduction. The measure would instead allow employers to qualify for a 20% tax credit for eligible expenses incurred in relocating foreign business units back to the U.S.
In a press release issued by Sen. Debbie Stabenow (D-MI), who co-authored the legislation, she states:
Over the past decade, 2.4 million American jobs have been shipped overseas, and approximately 21.5 million more jobs are at risk being moved overseas today. Michigan alone could lose an additional 737,000 jobs to offshoring. The Bring Jobs Home Act would strengthen manufacturing and other industrial sectors by encouraging companies to support American workers and move jobs back to Michigan and states across the country.
The measure will next be debated by the full Senate before a vote is taken.