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:
The measure will next be debated by the full Senate before a vote is taken.
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