Senate Advances Insourcing Bill

The Senate has voted overwhelmingly in favor of advancing a bill that would provide a tax incentive to employers that move their overseas jobs back to the United States, and eliminate a tax credit for moving operations outside the country.  The chamber voted 93-7 to send the Bring Jobs Home Act (S. 2569) to the Senate floor for consideration.  

Introduced by Sen. John Walsh (D-MT), the bill would disallow companies from classifying costs associated with moving personnel and equipment from the U.S. as a business expense eligible for a tax deduction.  The measure would instead allow employers to qualify for a 20% tax credit for eligible expenses incurred in relocating foreign business units back to the U.S.