Senator Coons Votes to Close Corporate Tax Loophole and Bring Jobs Home

Press Release

Legislation would give tax credits to companies that return jobs to U.S.

U.S. Senator Chris Coons (D-Del.), leader of the Senate's Manufacturing Jobs for America campaign, voted Wednesday to advance legislation he cosponsored to end tax breaks for businesses that ship jobs overseas. The Bring Jobs Home Act would support domestic manufacturing by eliminating a tax deduction for companies that outsource jobs and extending tax credits to companies that return jobs to America. The bill was blocked by a Republican filibuster.

"It's just commonsense: American taxpayers should not be paying the bill for corporations that ship jobs overseas," Senator Coons said. "Our tax code is sending the wrong message to businesses, rewarding them for moving jobs abroad instead of creating them here at home. Too many of the products we use everyday are invented in the U.S. but made in factories overseas. We need to get back to making things in America, and Congress should be doing everything it can to help companies bring their operations home."

"The Bring Jobs Home Act would give businesses an incentive to invest in America's highly skilled workforce and bring good jobs back to our communities," Senator Coons continued. "I'm disappointed that partisan politics have derailed a bill that supports middle class workers and our economy. It's time to put politics aside and fix this injustice in our tax code."

The U.S. has lost more than 2.4 million jobs to outsourcing in the last decade. The Bring Jobs Home Act ends taxpayer write-offs that pay moving costs when companies ship jobs abroad. The bill provides companies moving jobs back to the U.S. with a tax credit equal to 20 percent of the costs of relocation.

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