Tags: Senate | jobs | overseas | tax

Tax Break Bill for Bringing Jobs to US Headed for July Vote

Tuesday, 19 Jun 2012 10:40 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Senate Democrats plan a vote next month on a proposal to give a tax break to companies that bring jobs and investment to the U.S and deny a deduction for those moving jobs out of the country.

The bill, sponsored by Debbie Stabenow of Michigan, will probably reach the Senate floor after lawmakers return from their July 4 recess, said Adam Jentleson, a spokesman for Senate Majority Leader Harry Reid, a Nevada Democrat.

Stabenow’s legislation may serve as a counterpoint to proposals in the Republican-led House of Representatives. Speaker John Boehner of Ohio has said the House will vote in July to extend for one year the expiring tax cuts on income, capital gains, dividends, and estates.

Reid hasn’t said if or when the Senate would vote on expiring tax cuts. If Congress fails to act by the end of the year, taxes will go up on more than 80 percent of U.S. households.

Stabenow’s bill would give companies a 20 percent tax credit for the expenses incurred in bringing jobs and investment to the United States. It would deny companies a deduction for the expense of moving investment out of the United States.

President Barack Obama has supported similar legislation and included it in his budget.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Tapeworm in Brain of Man for 4 Years Removed by Surgeons

Saturday, 22 Nov 2014 17:33 PM

A tapeworm that not only lived in a man's brain for four years but traveled from one side of the brain to the other has  . . .

Window Washer's 11-Story Fall Ends Atop Car - He Survived!

Saturday, 22 Nov 2014 17:14 PM

A window washer survived with critical injuries after falling 11 stories from the roof of a San Francisco bank building  . . .

Georgia O'Keefe $44 Million Painting Most for Woman Artist

Saturday, 22 Nov 2014 16:49 PM

A new world auction record for women artists was set when a painting by late American artist Georgia O'Keeffe sold for m . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved