Bill Text: NJ SCR90 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges Congress to use tax incentives to reward companies that bring jobs into United States and to use tax penalties for companies that move jobs out of United States.
Sponsorship: Partisan Bill (Democrat 11)
Status: (Passed) 2012-12-18 - Filed with Secretary of State [SCR90 Detail]
Download: New_Jersey-2012-SCR90-Introduced.html
SENATE CONCURRENT RESOLUTION No. 90
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED FEBRUARY 13, 2012
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Urges Congress to use tax incentives to reward companies that bring jobs into United States and to use tax penalties for companies that move jobs out of United States.
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution respectfully urging Congress to pass legislation that rewards companies that bring jobs into the United States and penalizes companies that move jobs out of the United States.
Whereas, More than eight percent of the people in the United States were unemployed at the beginning of 2012; and
Whereas, The unemployment rate in New Jersey was at nine percent at the beginning of 2012; and
Whereas, The movement of jobs by large corporations to locations outside of the United States has exacerbated the high level of unemployment, and contributed to the current economic turmoil within the country and throughout the many states; and
Whereas, The United States tax code does not provide the proper incentive for companies to either retain or create jobs in the United States; and
Whereas, The tax policy of the United States encourages companies to move jobs that are located in the United States to locations outside of the United States; and
Whereas, Over $86 billion was claimed in foreign tax credits by corporations in 2007, the most recent year for which such data is available; and
Whereas, The injustices of the current tax policies can be remedied through the acts of the Congress of the United States; and
Whereas, Action by the Congress of the United States will benefit the nation and this State and therefore is a vital policy issue for the citizens of New Jersey; now, therefore,
Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):
1. The Congress of the United States is respectfully urged to take action, by amending the United States tax code, to provide incentives for companies that bring jobs back to the United States and to provide penalties for companies that move jobs to locations outside of the United States.
2. Duly authenticated copies of this concurrent resolution, signed by the President of the Senate and the Speaker of the General Assembly, and attested to by the Secretary of the Senate and the Clerk of the General Assembly, shall be transmitted to the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and to every member of Congress elected from this State.
STATEMENT
This concurrent resolution urges Congress to create tax incentives for businesses that bring jobs into the United States while also creating tax penalties to deter businesses from moving jobs out of the United States.
For too long, the United States has been plagued by the movement of jobs to locations outside of the United States. At a time where over eight percent of the country suffers from unemployment, a concerted effort must be made, for the economic enrichment of the nation and the State of New Jersey, to ensure that job creation and economic development remain one of the top priorities of this nation.
The United States tax code encourages movement of jobs out of the country by allowing tax breaks for businesses that move jobs overseas. Those same tax breaks are not available to businesses that either maintain jobs in the United States or bring jobs into the country.
Accordingly, this concurrent resolution respectfully urges Congress to amend the tax code to address this issue by providing tax incentives to businesses that bring jobs into the United States and tax penalties to businesses that move jobs out of the United States.
