The Senate votes today on the Bring Jobs Home Act
The Senate will vote on the Bring Jobs Home Act (S. 3364) this afternoon. Sponsored by Senator Debbie Stabenow (D-MI) the bill aims to “Stop rewarding companies that send jobs to other countries and instead support businesses creating jobs here at home.”
Writing for The Hill, Pete Kasperowicz says:
Under current law, companies can deduct the cost of moving people and equipment overseas from their tax bill. Stabenow's bill would eliminate that deduction, and create a new 20 percent tax credit for all costs associated with moving overseas jobs back into the United States.
President Obama voiced his support for the bill yesterday. A White House press release states:
(The bill) serves to discourage outsourcing in all sectors of the economy, but particularly in our manufacturing sector. Following a decade in which the United States lost over 5 million manufacturing jobs, the Nation has begun to make progress. Over the past 28 months, the U.S. manufacturing sector has added roughly 500,000 new jobs, the fastest pace of manufacturing job growth since 1995. Instead of rewarding firms for shifting production and jobs overseas, the tax code should strengthen the domestic manufacturing sector, support job growth and innovation, and encourage companies from all sectors of the economy to invest in the United States.
Back in January, Scott Paul, executive director of the Alliance for American Manufacturing (AAM), highlighted five topics he hoped the president would address in th State of the Union speech in an effort to create more American manufacturing jobs.
The first item in Paul’s list:
Adopt insourcing tax incentives, such as extending a domestic manufacturing tax credit for clean energy and enlarging a deduction for US manufacturing activity. Also, improve the research and development tax credit by making it more generous for innovation that is actually commercialized in America. Finally, adopt a federal tax incentive for companies that reshore high-paying jobs.
We’re glad to see the Senate taking on a piece of legislation that is so integral to the future of American manufacturing.
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