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U.S. Senate to Vote on Onshoring Bill

24 July 2014

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Proposed Changes

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United States

On 23 July 2014, the U.S. Senate approved, on a 93-7 procedural vote, the Bring Jobs Home Act (S. 2569). The procedural vote results in a restriction on debate of the bill to 30 additional hours, setting up an addition procedural vote on 24 July. The bill would amend the Internal Revenue Code to: (1) grant 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) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business...