The Bring Jobs Home Act creates tax incentives to encourage U.S. companies to move jobs back to America and discourages them from relocating overseas. The bill establishes a 20 percent tax credit for companies that eliminate foreign business operations and establish equivalent operations in the United States, but only if they also increase their overall domestic workforce. At the same time, the legislation denies tax deductions for expenses associated with moving jobs overseas, preventing companies from writing off costs to close U.S. operations and open foreign ones. The bill also reinstates tax deductions for employee moving expenses, making relocation to the United States more affordable for companies. These provisions apply to eligible expenses including facility setup, equipment installation, and permit fees, and take effect immediately after the bill is enacted, with companies able to claim credits once their relocation plans are completed.
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