Pascrell, Sykes, Deluzio Introduce Bring Jobs Home Act

New bill unlocks the tax code to end offshoring of good American jobs

WASHINGTON, DC – Congressmembers Bill Pascrell, Jr. (D-NJ-09), Emilia Sykes (D-OH-13) and Chris Deluzio (D-PA-17) today introduced 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 would also close tax loopholes that reward companies shipping jobs overseas.

“The continued shipping of jobs overseas ruins families, cripples our economy, entrenches regional imbalance, and saps American morale. Making America truly better demands we bring jobs home,” said Congressman Pascrell. “Using our tax code is a long-hidden key to unlocking this problem and returning jobs home. This legislation will incentivize and reward companies that bring their production back to U.S. shores while simultaneously close those loopholes that pay unscrupulous firms to send jobs overseas. Under President Biden’s leadership, countless jobs have come home to America as our economy grows and booms. Our bill will take the next step.”

“I am pleased to introduce the Bring Jobs Home Act alongside Reps. Pascrell and Deluzio. For too long, American companies have shipped jobs overseas, leading to less opportunities in our own communities. This commonsense bill would encourage American companies to bring these jobs back home, while also cracking down on tax loopholes that greedy corporations use to outsource American jobs,” said Congresswoman Sykes. “I will continue to fight for good-paying jobs that will support the working people and families in Ohio’s 13th Congressional District and across the country.”

“Western Pennsylvania knows what it is like to see our good, solid jobs shipped overseas and to anti-union states—sacrificing the well-being of real people in real communities for the profits of some faceless shareholder chasing profit at any cost,” said Congressman Deluzio. “No more. We need to rebalance the scales for American workers. That’s why I am supporting Congressman Pascrell’s Bring Jobs Home Act to protect domestic jobs by incentivizing American hiring and by closing outsourcing loopholes.”

Key provisions of the Bring Jobs Home Act

New tax incentive for reshoring. The bill 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.

Targets outsourcing. The legislation 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. The 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.

Brings back support for moving expenses. The bill 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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