H.R.6152 - Bring Jobs Home Act

To amend the Internal Revenue Code of 1986 to encourage domestic insourcing and discourage foreign outsourcing, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to encourage domestic insourcing and discourage foreign outsourcing, and for other purposes. as introduced.
  • Short: Bring Jobs Home Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/19/12
 
 
 
 
 
 
 

Official Summary

Bring Jobs Home Act - Amends the Internal Revenue Code to: (1) grant 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) deny a tax deduction for outsou

Official Summary

Bring Jobs Home Act - Amends the Internal Revenue Code to:
(1) grant 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) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. 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. Allows nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

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