Peters Cosponsors Bill Bringing Jobs Back to America
Legislation Gives Tax Credit to Companies Bringing Jobs Back to U.S., Ends Tax Loophole Rewarding Outsourcers
WASHINGTON, DC – U.S. Senator Gary Peters (MI) today announced that he is an original cosponsor of legislation that would create new tax incentives for companies that bring jobs back to the United States from overseas, while eliminating a tax loophole that rewards companies for relocating American jobs to other countries. The Bring Jobs Home Act, introduced by Senator Debbie Stabenow (MI), would keep jobs in the United States while promoting tax policies that support Michigan’s economy and middle class families.
“My top priority is creating jobs in Michigan, and an important component of that is rewarding companies that bring jobs back to America while eliminating tax loopholes supporting companies that send jobs overseas,” said Senator Peters. “As our economy continues to recover, Congress should focus on protecting the jobs we have and encouraging more companies to invest in America. This legislation will create important incentives that can boost job creation in Michigan and across the country while prioritizing a strong, vibrant domestic economy.”
The Bring Jobs Home Act allows companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activities to the U.S., thereby providing a substantial incentive for companies to move back home. The bill also closes a loophole in the tax code, which currently allows companies to deduct business expenses including those related to relocation activities. This bill would change the law to make clear that moving jobs or other business components overseas does not qualify for this deduction, ending subsidies for companies that move jobs overseas.
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