Perriello Votes to Close Tax Loophole for Corporations That Ship Jobs Overseas

Press Release

Today Congressman Tom Perriello stood up for American workers by voting to close the tax loophole that allows corporations to ship jobs overseas. He also voted to extend unemployment benefits and invest in research and innovation that will create the advanced manufacturing jobs of the future.

The American Jobs and Closing Tax Loopholes Act, H.R. 4213, will close the tax loopholes that incentivize companies to move jobs overseas and boost American job creation. Southern Virginia has faced devastating job losses for over a decade, largely because of textile and furniture manufacturing moving operations offshore.

"Today, we scored a victory for American workers by closing tax loopholes for companies that ship our jobs overseas. For too long, both parties have asked taxpayers to subsidize the very outsourcing that has devastated Southern Virginia and so many working families across America," said Rep. Perriello. "This bold step puts the American worker first and invests in the next generation of advanced manufacturing."

In addition to boosting American job creation, The American Jobs and Closing Tax Loopholes Act also extends unemployment benefits through November 30, 2010; without this action, benefits would expire for approximately 1.2 million Americans by the end of June. Providing unemployment benefits are critical for those who have been hit hardest by the recession and are looking for work.

The America COMPETES Reauthorization Act of 2010, H.R. 5116 which Rep. Perriello also supported today, will help create research and manufacturing jobs in Virginia by benefitting research centers like Virginia Tech and the University of Virginia, and create the next generation of entrepreneurs by improving science, math, technology, and engineering education at all levels.

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