Cloture Not Invoked
July 19, 2012(Key vote)
Title: Bring Jobs Home Act
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on a bill that submits a constitutional amendment to the voters that repeals tax deductions for companies that outsource jobs and establishes tax credits for companies that insource jobs.
Authorizes a 20 percent tax credit for eligible insourcing expenses incurred during a taxable year by a taxpayer (Sec. 2).
Defines “eligible insourcing expense” as any eligible expense paid or incurred by a taxpayer through moving his or her company’s location from outside of the United States to a location within the United States (Sec. 2).
Requires eligible insourcing expenses to be from the taxable year in which the insourcing plan is completed and during which eligible insourcing expenses are paid or incurred (Sec. 2).
Requires the number of full-time employees of the taxpayer of a taxable year to exceed the number of full-time employees of the taxpayer from the previous taxable year in order for the taxpayer’s eligible insourcing expenses to qualify for a tax credit (Sec. 2).
Prohibits tax deductions for specified outsourcing expenses (Sec. 3).
Defines “specified outsourcing expenses” as any eligible expenses paid or incurred by a taxpayer through moving his or her company from a location within the United States to a location outside of the United States (Sec. 3).
Requires the earnings and profits of controlled foreign corporations to be determined without regard to specified outsourcing expenses (Sec. 3).
NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.