Senators Mark R. Warner (D-VA) John Walsh (D-MT), Debbie Stabenow (D-MI), and Mark Pryor (D-AR) introduced the Bring Jobs Home Act to close the tax loophole for corporations that ship jobs overseas and extend tax credits to those companies that return jobs back to America.
The bill would close the tax loophole that encourage companies that ship jobs overseas and establish a tax credit for companies that relocate their operations to the U.S.
"I am proud to cosponsor this important legislation to help bring back jobs to states like Virginia," Sen. Warner said. "This bill, along with my America Recruits proposal to boost state and local economic development incentives to encourage onshoring of advanced manufacturing jobs, will help strengthen our economy and create jobs here in the Commonwealth."
"We can't afford to reward companies that move their operations overseas, taking our jobs with them," Walsh said. "It's time to make the American workforce a priority and invest in the companies that are working to keep their businesses based right here in the U.S."
"This is about jobs. At a time when we need to be creating more jobs here at home, it's outrageous that taxpayers are footing the bill when companies move jobs overseas," Stabenow said. "We need to close this egregious tax loophole and stop asking workers to pay to ship their own jobs overseas. We also want to reward companies that are bringing jobs home. Senators Walsh, Pryor, and I hope that all of our colleagues, regardless of party, will join our fight to give every American worker a fair shot to get ahead."
"America is the on the path to a manufacturing comeback, but we need to create a better environment for continued growth," Pryor said. "Our bill helps by ending tax giveaways for companies that ship jobs overseas and providing meaningful incentives to bring good-paying jobs back home. It's just good common-sense economics."
Companies that bring jobs and business activity home will be eligible for a tax credit equal to 20% of the cost associated with the relocation.
Senators Warner, Walsh, Stabenow, and Pryor were joined in introducing the legislation by: Senators Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Chris Coons (D-RI), Richard Durbin (D-IL), Al Franken (D-MN), Kay Hagan (D-NC), Amy Klobuchar (D-MN), Ed Markey (D-MA), Claire McCaskill (D-MO), Jeff Merkley (D-OR), Jack Reed (D-RI), John Rockefeller (D-WV), Brian Schatz (D-HI), Charles Schumer (D-NY), Jeanne Shaheen (D-NH), Mark Udall (D-CO), Tom Udall (D-NM) and Sheldon Whitehouse (D-RI).