DETROIT — U.S. Senator Debbie Stabenow today announced legislation to encourage businesses to bring jobs to America and discourage companies from shipping jobs overseas. By cutting taxes and closing a tax loophole, Stabenow’s Bring Jobs Home Act of 2017 will grow the economy and bring jobs home to Michigan. Senator Stabenow first introduced this legislation in 2012, and in every Congress since, but Senate Republicans have repeatedly blocked it.
“We need to be exporting our products, not our jobs,” said Senator Stabenow. “It’s outrageous to ask hard-working Americans and communities to foot the bill for companies that move jobs overseas. If President Trump and Republicans in Congress are serious about bringing jobs back home, they should work with me to pass my legislation right now.”
Senator Stabenow’s Bring Jobs Home Act of 2017:
Creates a new tax cut to provide an incentive for U.S. companies to move jobs and business activity from another country back to America. Specifically, her initiative will allow U.S. 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 U.S. 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 U.S. 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.