U.S. Rep. Bill Pascrell (D-NJ-09) today blasted the House majority for blocking the Bring Jobs Home Act (H.R. 851), legislation he authored to help insource jobs back to the United States. The Bring Jobs Home Act, which President Obama highlighted in his State of the Union address earlier this year, will cut taxes for U.S. companies that move jobs and business operations to America from another country. The initiative will also end tax loopholes that reward companies that ship jobs overseas. House Republicans prevented the legislation from being considered on the House floor by a vote of 229-192.
“I've spent the last year fighting for the Bring Jobs Home Act so America can stop the corporate welfare for outsourcing and work to reverse the flow of jobs back home. It's simply disgraceful that the majority chose to prevent consideration of this critical legislation instead of seizing the opportunity to help their constituents and our economy right now,” stated Rep. Pascrell, New Jersey’s only member of the tax-writing House Ways and Means Committee charged with overseeing tax policy. “Once again, Speaker Boehner proved he is content with leading a do-nothing Congress by choosing to waste time with politics instead of putting people back to work. The light at the end of the economic recovery is fueled by job creation, so it's time Republicans put aside petty politics and do what's right for the American people."
The Bring Jobs Home Act was introduced in the House by Rep. Pascrell in February and has been cosponsored by 41 House members. The Senate companion version of the bill was introduced by Senator Debbie Stabenow of Michigan. Both legislators authored the bill in close coordination with the Department of the Treasury. The Bring Jobs Home Act is at the top of the Congress To-Do List laid out by President Obama. Supporters of the legislation include the AFL-CIO, the International Brotherhood of Teamsters, the United Steelworkers of America, the International Union of Operating Engineers, the United Auto Workers, and the United Brotherhood of Carpenters, Joiners of America.
Summary of the Bring Jobs Home Act: Tax Credits for “Insourcing” Jobs The bill creates a new tax credit to provide an incentive for U.S. companies to move jobs from overseas back to America. Specifically, the initiative will allow companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activity back to the United States.
Closing Tax Loopholes for Companies That Outsource American Jobs The Bring Jobs Home Act ends a tax deduction for companies that outsource jobs and business activity. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction.
A video of Rep. Pascrell's floor statement today can be found below.
