House Democrats introduce 'insourcing' tax credit bill

Jul 26, 2012

Democrats on the House Ways and Means Committee have introduced a bill to provide tax credits to businesses that bring jobs and business operations back to the U.S. from abroad.

The Bring Jobs Home Act, introduced Thursday by Rep. Bill Pascrell, D-N.J., provides a 20% tax credit for businesses that “insource” jobs back to the United States. It would be paid for by closing tax loopholes for companies that “outsource” jobs overseas and treat distributions of debt securities in a tax-free spin-off transaction in the same manner as distributions of cash or other property.

President Obama has called on Congress to provide more incentives for so-called “insourcing” and included the proposal in his fiscal 2013 budget.

Read the full story from Accounting Today.