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.

Highlights:

• 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).

Full Bill Text

Full Bill Text