U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), New Jersey’s only member of the tax-writing House Ways and Means Committee, today reintroduced the Bring Jobs Home Act, legislation which seeks to cut taxes for American companies that move jobs to the U.S. from another nation, and also would close tax loopholes that reward companies shipping jobs overseas. The legislation is sponsored by Reps. Pascrell, Tom Suozzi (D-NY-03), Eleanor Holmes Norton (D-DC), Julia Brownley (D-CA-26), and Eric Swalwell (D-CA-15).

“The continued shipping of jobs overseas ruins families, cripples our economy, entrenches regional imbalance, and saps American morale. Realizing our full promise as a nation demands we bring jobs home,” said Rep. Pascrell. “Using our tax code is a long-hidden key to unlocking this problem and returning jobs home. This legislation will incentivize reward companies that bring their production back to U.S. shores while simultaneously close those loopholes that pay unscrupulous firms to send jobs overseas. I am gratified key elements of our bill are included in President Biden’s landmark American Jobs Plan. Together they are a roadmap to bringing jobs home.”

Key provisions of Rep. Pascrell’s Bring Jobs Home Act

• Creates a new tax cut to provide an incentive for U.S. companies to move jobs and business activity from another country 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.
• 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. Rep. Pascrell’s legislation will reward companies with a new incentive for companies that bring jobs and business activity back home, but businesses would no longer be able to get a tax benefit for shipping jobs overseas.

• Restores the deduction for employee moving expenses that was suspended in the 2017 GOP tax scam, which will enable workers to better afford to move to where these new jobs are located.