summary
Introduced
05/22/2020
05/22/2020
In Committee
05/22/2020
05/22/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to encourage domestic insourcing and discourage foreign outsourcing. This bill (1) grants business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) denies a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses. The bill eliminates the temporary suspension (for taxable years 2018 through 2025) of the tax deduction for moving expenses.
AI Summary
This bill:
1. Grants businesses a tax credit of up to 20% of eligible expenses incurred when eliminating a business unit located outside the United States and relocating it within the United States (known as "insourcing" expenses). To claim the credit, the business must increase its number of full-time employees in the U.S.
2. Denies businesses a tax deduction for expenses incurred when relocating a U.S. business unit outside the United States (known as "outsourcing" expenses).
3. Reinstates the tax deduction for moving expenses, which was temporarily suspended from 2018 to 2025.
The bill aims to encourage domestic business activity and job creation within the United States by providing tax incentives for insourcing and disincentives for outsourcing.
Committee Categories
Budget and Finance
Sponsors (11)
Bill Pascrell (D)*,
Nanette Barragán (D),
Julia Brownley (D),
Steve Cohen (D),
Danny Davis (D),
Suzan DelBene (D),
Barbara Lee (D),
Eleanor Holmes Norton (D),
Linda Sánchez (D),
Eric Swalwell (D),
Bonnie Watson Coleman (D),
Last Action
Referred to the House Committee on Ways and Means. (on 05/22/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6992/all-info |
| BillText | https://www.congress.gov/116/bills/hr6992/BILLS-116hr6992ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6992/BILLS-116hr6992ih.pdf.pdf |
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