summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Bring Jobs Home Act - Amends the Internal Revenue Code to: (1) grant 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) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. 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.
AI Summary
This bill, titled the "Bring Jobs Home Act," aims to encourage businesses to bring operations back to the United States and discourage them from moving them overseas. It proposes to grant businesses a tax credit, potentially up to 20% of their expenses, for costs associated with closing a business unit located outside the U.S. and relocating it within the U.S. To qualify for this credit, businesses must demonstrate an increase in their U.S.-based full-time employees. Conversely, the bill seeks to disallow any tax deductions for expenses incurred when a U.S.-based business is moved outside the United States, a practice referred to as outsourcing. The legislation also includes provisions for U.S. possessions, like Puerto Rico, to receive payments to offset potential losses from these tax changes and ensures that businesses receiving benefits in these possessions do not also claim the U.S. tax credit.
Committee Categories
Budget and Finance
Sponsors (89)
Robert Andrews (D),
Joe Baca (D),
Tammy Baldwin (D),
Xavier Becerra (D),
Shelley Berkley (D),
Sanford Bishop (D),
Timothy Bishop (D),
Earl Blumenauer (D),
Suzanne Bonamici (D),
Leonard Boswell (D),
Robert Brady (D),
André Carson (D),
David Cicilline (D),
Hansen Clarke (D),
John Conyers (D),
Jerry Costello (D),
Mark Critz (D),
Joseph Crowley (WFP),
Peter DeFazio (D),
John Dingell (D),
Lloyd Doggett (D),
Michael Doyle (D),
Donna Edwards (D),
Keith Ellison (D),
Sam Farr (D),
Bob Filner (D),
Marcia Fudge (D),
Gene Green (D),
Alcee Hastings (D),
Martin Heinrich (D),
Brian Higgins (D),
Kathleen Hochul (D),
Rush Holt (D),
Michael Honda (D),
Steve Israel (D),
Marcy Kaptur (D),
Bill Keating (D),
Ron Kind (D),
Larry Kissell (D),
Dennis Kucinich (D),
Rick Larsen (D),
John Larson (D),
Steven LaTourette (R),
Sander Levin (D),
John Lewis (D),
Daniel Lipinski (D),
David Loebsack (D),
Nita Lowey (D),
Stephen Lynch (D),
Carolyn Maloney (D),
Carolyn McCarthy (D),
Betty McCollum (D),
Jim McDermott (D),
Jim McGovern (D),
Michael Michaud (D),
George Miller (D),
Chris Murphy (D),
Grace Napolitano (D),
Richard Neal (D),
Eleanor Holmes Norton (D),
William Owens (D),
Frank Pallone (D),
Bill Pascrell (D),
Ed Perlmutter (D),
Gary Peters (D),
Chellie Pingree (D),
Nick Rahall (D),
Charles Rangel (D),
Dutch Ruppersberger (D),
Tim Ryan (D),
Loretta Sanchez (D),
Linda Sánchez (D),
John Sarbanes (D),
Jan Schakowsky (D),
Adam Schiff (D),
Kurt Schrader (D),
Allyson Schwartz (D),
Bobby Scott (D),
Terri Sewell (D),
Louise Slaughter (D),
Jackie Speier (D),
Fortney Stark (D),
Betty Sutton (D),
Mike Thompson (D),
John Tierney (D),
Paul Tonko (D),
Niki Tsongas (D),
Timothy Walz (D),
Debbie Wasserman Schultz (D),
Last Action
Referred to the House Committee on Ways and Means. (on 05/08/2012)
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/112th-congress/house-bill/5542/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112hr5542ih/pdf/BILLS-112hr5542ih.pdf.pdf |
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