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Title: Bring Jobs Home Act
Vote Smart's Synopsis:
Vote on a motion to invoke cloture on a bill that submits a constitutional amendment to the voters that repeals tax deductions for companies that outsource jobs and establishes tax credits for companies that insource jobs.
More Info About this Vote
- Authorizes a 20 percent tax credit for eligible insourcing expenses incurred during a taxable year by a taxpayer (Sec. 2).
- Defines “eligible insourcing expense” as any eligible expense paid or incurred by a taxpayer through moving his or her company’s location from outside of the United States to a location within the United States (Sec. 2).
- Requires eligible insourcing expenses to be from the taxable year in which the insourcing plan is completed and during which eligible insourcing expenses are paid or incurred (Sec. 2).
- Requires the number of full-time employees of the taxpayer of a taxable year to exceed the number of full-time employees of the taxpayer from the previous taxable year in order for the taxpayer’s eligible insourcing expenses to qualify for a tax credit (Sec. 2).
- Prohibits tax deductions for specified outsourcing expenses (Sec. 3).
- Defines “specified outsourcing expenses” as any eligible expenses paid or incurred by a taxpayer through moving his or her company from a location within the United States to a location outside of the United States (Sec. 3).
- Requires the earnings and profits of controlled foreign corporations to be determined without regard to specified outsourcing expenses (Sec. 3).
NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.