ANNOUNCEMENT 08 May 2012In May 2012, the government of the United States of America announced changed incentives for foreign investors entering the country.
NUMBER OF INTERVENTIONS
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Chief sponsor Representative Bill Pascrell (Democrat of New Jersey) and all 14 of the other Democratic members of the Ways and Means Committee in the U.S. House of Representatives introduced on May 8, 2012 the 'Bring Jobs Home Act' (H.R.5542/S.2884) . The bill would use the tax code to encourage 'insourcing' and discourage outsourcing of jobs. Companies that relocate a business unit from a foreign country by closing that unit and reopening the unit within the United States would be allowed to expense the costs associated with the move. Any company that outsources a business unit out of the United States to a foreign location would not be allowed to deduct any expenses related to that move. The bill has been referred to the Ways and Means Committee. In the Senate the same bill was introduced by Senator Debbie Stabenow (Democrat of Michigan) and two cosponsors and referred to the Finance Committee.