Reps. Sykes, Pascrell, and Deluzio Introduce Bring Jobs Home Act
New bill unlocks the tax code to end offshoring of good American jobs
WASHINGTON, DC - Today, U.S. Representatives Emilia Sykes (OH-13), Bill Pascrell, Jr. (NJ-09) and Chris Deluzio (PA-17) introduced the Bring Jobs Home Act, legislation that would cut taxes for American companies that move jobs to the U.S. from another nation and close tax loopholes that reward companies shipping jobs overseas.
“I am pleased to introduce the Bring Jobs Home Act alongside Reps. Pascrell and Deluzio. For too long, American companies have shipped jobs overseas, leading to less opportunities in our own communities. This commonsense bill would encourage American companies to bring these jobs back home, while also cracking down on tax loopholes that greedy corporations use to outsource American jobs,” said Rep. Sykes. “I will continue to fight for good-paying jobs that will support the working people and families in Ohio’s 13th Congressional District and across the country.”
“The continued shipping of jobs overseas ruins families, cripples our economy, entrenches regional imbalance, and saps American morale. Making America truly better demands we bring jobs home,” said Rep. Pascrell. “Using our tax code is a long-hidden key to unlocking this problem and returning jobs home. This legislation will incentivize and reward companies that bring their production back to U.S. shores while simultaneously close those loopholes that pay unscrupulous firms to send jobs overseas. Under President Biden’s leadership, countless jobs have come home to America as our economy grows and booms. Our bill will take the next step.”
"Western Pennsylvania knows what it is like to see our good, union jobs shipped overseas and to anti-union states—sacrificing the well-being of real people in real communities for the profits of some faceless shareholder chasing profit at any cost,” said Rep. Deluzio. “No more. We need to rebalance the scales for American workers. That’s why I am supporting Congressman Pascrell’s Bring Jobs Home Act to protect domestic jobs by incentivizing American hiring and closing outsourcing loopholes.”
According to AFL-CIO, the United States has lost 6 million manufacturing jobs and seen 50,000 manufacturing plants close in the past decade as more and more American companies ship jobs overseas.
The Bring Jobs Back Act would keep more good-paying jobs here at home by:
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Creating a new tax cut to provide an incentive for U.S. companies to move jobs and business activity from another country back to America. Specifically, the initiative will allow companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activity back to the United States;
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Ending a tax deduction for companies that outsource jobs and business activity. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction. This legislation will reward companies with a new incentive for companies that bring jobs and business activity back home, but businesses would no longer be able to get a tax benefit for shipping jobs overseas; and
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Restoring the deduction for employee moving expenses that was suspended in the 2017 GOP tax scam, which will enable workers to better afford to move to where these new jobs are located.