Pascrell Insourcing Bill Denied Consideration On House Floor Republican Majority Votes For Continued Outsourcing
By Mel Fabrikant Wednesday, July 11 2012 @ 03:44 PM EDT
U.S. Rep. Bill Pascrell (D-NJ-08) blasted the House majority for blocking his legislation to help insource jobs back to the United States. By a vote of 238-184, the majority prevented H.R. 5542, the Bring Jobs Home Act, authored by Rep. Bill Pascrell, from being considered on the House floor.
“The Bring Jobs Home Act is quite simple -- we’re going to end the tax breaks that encourage companies to ship their jobs overseas, and use that to pay for tax credits for patriotic companies that want to bring jobs back home. We were offering House members the opportunity to help their constituents and our economy right now.
It is a shame that the majority chose to prevent consideration of the Bring Jobs Home Act,” stated Rep. Pascrell, New Jersey’s only member of the tax-writing House Ways and Means Committee charges with overseeing tax policy. “We’ve already voted over 30 times to repeal or restrict the Affordable Care Act, and here we are again, wasting time with politics instead of putting people back to work. Let’s be clear, the majority would rather take away health coverage from hard working Americans than promote insourcing and stop the corporate welfare for outsourcing. I believe that American Dream starts by creating good jobs right here in the United States, and that we should not offshore the American Dream to China.”
H.R. 5542, the Bring Jobs Home Act, was introduced in the House by Rep. Pascrell on May 8, 2012 and has been cosponsored by 47 House members, including every Democrat on the House Committee on Ways and Means. The Senate companion version of the bill was introduced by Senator Debbie Stabenow of Michigan. Both legislators authored the bill in close coordination with the Department of the Treasury. H.R. 5542 at the top of the Congress To-Do List laid out by President Obama earlier this year. House Minority Whip Steny Hoyer cited the Pascrell bill in a policy speech yesterday as being a key element of the House Democrat’s Make it in American Agenda. Other supporters of the legislation include the AFL-CIO, the International Brotherhood of Teamsters, the United Steelworkers Union, the International Union of Operating Engineers, the United Auto Workers, and the United Brotherhood of Carpenters, Joiners of America.
H.R. 5542 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.