US HB6992 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 11-0)
Status: Introduced on May 22 2020 - 25% progression
Action: 2020-05-22 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Bring Jobs Home Act This bill (1) grants 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) denies a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses. The bill eliminates the temporary suspension (for taxable years 2018 through 2025) of the tax deduction for moving expenses.

Tracking Information

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Title

Bring Jobs Home Act

Sponsors


History

DateChamberAction
2020-05-22HouseReferred to the House Committee on Ways and Means.
2020-05-22HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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