Bring Jobs Home Act This bill (1) grants business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) denies a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses. The bill eliminates the temporary suspension (for taxable years 2018 through 2025) of the tax deduction for moving expenses.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
American SamoaBusiness investment and capitalEmployee hiringForeign and international corporationsGuamIncome tax creditsIncome tax deductionsNorthern Mariana IslandsPuerto RicoTaxation of foreign incomeU.S. territories and protectoratesVirgin Islands
Bring Jobs Home Act
USA116th CongressHR-6992| House
| Updated: 5/22/2020
Bring Jobs Home Act This bill (1) grants business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) denies a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses. The bill eliminates the temporary suspension (for taxable years 2018 through 2025) of the tax deduction for moving expenses.
American SamoaBusiness investment and capitalEmployee hiringForeign and international corporationsGuamIncome tax creditsIncome tax deductionsNorthern Mariana IslandsPuerto RicoTaxation of foreign incomeU.S. territories and protectoratesVirgin Islands