Bill > S2884

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 expenses," which are costs associated with closing a business unit outside the U.S. and relocating it within the U.S., and by disallowing tax deductions for "outsourcing expenses," which are costs incurred when moving a U.S. business unit overseas. Specifically, businesses can receive a tax credit of up to 20% of their eligible insourcing expenses, provided they increase their number of full-time employees in the U.S. Eligible insourcing expenses include costs like permit fees, installation of equipment, and other similar expenses, but not severance pay. Conversely, any expenses related to moving a business unit from the U.S. to another country will not be deductible for tax purposes. The bill also includes provisions to ensure that U.S. possessions, such as Puerto Rico, are treated as part of the United States for the purposes of these tax provisions and outlines how payments will be made to these possessions to offset any revenue loss.