Bill will offer incentives to keep jobs in U.S.
Marietta Times – With the national unemployment rate continuing to hover near the 8 percent mark, bringing jobs and businesses back to the United States is a focus for legislators and local residents.
U.S. Sen. Sherrod Brown, D-Ohio, is co-sponsoring the Bring Jobs Home Act aimed at restoring economic growth through tax credits for businesses that return to the U.S. and eliminating tax deductions for outsourcing.
“This is about replacing outsourcing with reshoring. Our tax policy should encourage companies to return to the United States, and discourage them from ever leaving,” Brown said.
Calling the bill, which was proposed to the Senate Committee on Finance on May 8, a carrot and stick approach, Brown said it would provide a new tax break equal to 20 percent of the cost associated with moving operations to the U.S.
It would also eliminate a current tax law that allows companies to claim moving personnel and company assets to foreign countries as a business expense.
