Senator Coons helps introduce bill to close corporate tax loophole and bring jobs home

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

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WASHINGTON, DC – U.S. Senator Chris Coons (D-Del.), leader of the Senate’s Manufacturing Jobs for America campaign, joined Senators John Walsh (D-Mont.), Debbie Stabenow (D-Mich.), and Mark Pryor (D-Ark.) this week to introduce the Bring Jobs Home Act, legislation to close a tax loophole for corporations that ship jobs overseas and extend tax credits to companies that return jobs to America. The bill would support domestic manufacturing by defraying the costs associated with onshoring production and moving jobs back to the United States.

“If there’s anything Democrats and Republicans should be able to agree on, it’s that Congress should not be rewarding American companies for shipping jobs overseas,” Senator Coons said. “Unfortunately, our current tax code allows businesses to deduct the cost of moving expenses when they export jobs abroad. There are better ways to invest American tax dollars, and we should be using them to support our growing manufacturing sector and help companies create good jobs here at home. Passing the Bring Jobs Home Act and closing this loophole is just common-sense, and it’s one of many important ways Congress can and should be fighting for high-quality manufacturing jobs in America.”

The Bring Jobs Home Act would end a tax deduction for companies that outsource jobs and business activity. Companies that bring jobs and business activity home will be eligible for a tax credit equal to 20 percent of the cost associated with the relocation.

In addition to Senators Coons, Walsh, Stabenow, and Pryor, the bill’s cosponsors include: Senators Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), 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), Mark Warner (D-VA), and Sheldon Whitehouse (D-RI).