Pascrell Reintroduces Bring Jobs Home Act

Pascrell Reintroduces Bring Jobs Home Act

 

Broad-reaching tax incentives to reward job creators and deter companies that offshore American jobs

 

WASHINGTON, D.C. –U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), New Jersey’s only member of the tax-writing House Ways and Means Committee, today reintroduced the Bring Jobs Home Act, legislation which seeks to cut taxes for American companies that move jobs to the U.S. from another nation, and also would close tax loopholes that reward companies shipping jobs overseas. Pascrell’s bill is cosponsored by Reps. Danny Davis (D-IL-07), Linda Sanchez (D-CA-38), Suzan DelBene (D-WA-01), Eric Swalwell (D-CA-15), Eleanor Holmes Norton (D-DC), Julia Brownley (D-CA-26), Bonnie Watson Coleman (D-NJ-12), Nanette Diaz Barragan (D-CA-44), Barbara Lee (D-CA-13), and Steve Cohen (D-TN-09).

 

“Despite our fervent hopes, the movement of good American jobs overseas continues,” said Rep. Pascrell. “We need to brandish every tool in our toolbox to staunch the flow of employment from our shores and to incentivize companies to produce more goods at home. By creatively using our tax laws, we can reward companies that return work and production to America while simultaneously closing loopholes that absurdly pay firms to ship jobs and production overseas. In short, we can use the tax code to bring jobs home and that is exactly what my legislation will do.”

 

Key provisions of Rep. Pascrell’s Bring Jobs Home Act

 

  • 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, the initiative will allow 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.

 

  • Ends a tax deduction for 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. Rep. Pascrell’s legislation will reward companies with a new incentive 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.

 

  • The legislation would also restore the deduction for employee moving expenses that was suspended in the 2017 GOP tax scam, which will enable workers to better afford to move to where these new jobs are located.

 

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