Bill > S3364

This bill, titled the "Bring Jobs Home Act," aims to incentivize businesses to bring jobs back to the United States by offering tax benefits for "insourcing" and disincentivizing "outsourcing." Specifically, it proposes a tax credit of up to 20% for businesses that incur expenses to eliminate a business unit located outside the U.S. and relocate it within the U.S., provided they increase their U.S. full-time employee count. Conversely, the bill would deny businesses a tax deduction for expenses incurred when moving a U.S.-based business outside the country. "Insourcing expenses" are defined to include costs associated with closing an overseas operation and establishing a new one in the U.S., such as deductible business expenses, permit fees, and installation costs, but exclude severance pay. "Outsourcing expenses" are similarly defined as costs associated with moving a U.S. business abroad. The bill also includes provisions for U.S. possessions, like Puerto Rico, to receive payments to offset potential losses from these tax changes and to coordinate benefits to avoid duplication.