Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Tax Break for Bringing Jobs to U.S. Heading for July Vote

Michigan Senator Debbie Stabenow
Senator Debbie Stabenow. Photographer: Scott Eells/Bloomberg

Senate Democrats plan a vote next month on a proposal to give a tax break to companies that bring jobs and investment to the U.S and deny a deduction for those moving jobs out of the country.

The bill, sponsored by Debbie Stabenow of Michigan, will probably reach the Senate floor after lawmakers return from their July 4 recess, said Adam Jentleson, a spokesman for Senate Majority Leader Harry Reid, a Nevada Democrat.

Stabenow’s legislation may serve as a counterpoint to proposals in the Republican-led House of Representatives. Speaker John Boehner of Ohio has said the House will vote in July to extend for one year the expiring tax cuts on income, capital gains, dividends and estates.

Reid hasn’t said if or when the Senate would vote on expiring tax cuts. If Congress fails to act by the end of the year, taxes will go up on more than 80 percent of U.S. households.

Stabenow’s bill would give companies a 20 percent tax credit for the expenses incurred in bringing jobs and investment to the U.S. It would deny companies a deduction for the expense of moving investment out of the U.S.

President Barack Obama has supported similar legislation and included it in his budget.

The bill is S. 2884.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.