Five years after first introducing the measure, U.S. Senator Debbie Stabenow has announced she is re-introducing legislation to encourage businesses to bring jobs to America and discourage companies from shipping jobs overseas. She calls if the Bring Jobs Home Act of 2017.
Stabenow unveiled the new version of the legislation at GalaxE.Solutions in downtown Detroit last week, saying that by cutting taxes and closing a tax loophole, her Bring Jobs Home Act of 2017 will grow the economy and bring jobs home to Michigan. Senator Stabenow actually first introduced this legislation in 2012, and has re-introduced it in every Congress since, but says Senate Republicans have repeatedly blocked it.
Tim Bryan is CEO of GalaxE.Solutions—a global IT solutions innovator that opened a development center in downtown Detroit in 2010. He joined the Senator in the unveiling of the 2017 version, saying that GalaxE remains committed to bringing IT jobs back to the U.S. through programs such as “Outsource to Detroit” and the ExperienceIT training initiative. GalaxE is a leader in building an ever-growing IT hub in the region with other local strategic partners.
At the roll out in Detroit, Stabenow said, “We need to be exporting our products, not our jobs.” She argues, “It’s outrageous to ask hard-working Americans and communities to foot the bill for companies that move jobs overseas. If President Trump and Republicans in Congress are serious about bringing jobs back home, they should work with me to pass my legislation right now.”
GalaxE.Solutions chief Bryan says, “When we came to this city nearly seven years ago, we saw only opportunity, for our clients and this region, to foster transformation from downtown Detroit for the world.” He adds, “As we look out onto Campus Martius every day it is incredibly rewarding to see how far this region has come, with countless jobs and a bustling IT hub. The possibilities are truly endless.”
Senator Stabenow’s Bring Jobs Home Act of 2017 does two primary things:
- It creates a new tax cut to provide an incentive for U.S. companies to move jobs and business activity from another country back to America. Specifically, it will allow U.S. companies to qualify for a tax credit equal to 20-percent of the cost associated with bringing jobs and business activity back to the United States. The company will be able to apply the 20-percent tax credit against their income tax.
- It ends a tax deduction for U.S. companies that outsource jobs and business activity. Right now, the cost of moving personnel and components of a company to a new location is defined as a business expense that qualifies for a tax deduction. Senator Stabenow’s legislation will keep this deduction in place for U.S. companies that bring jobs and business activity back home, however businesses would no longer be able to get a tax benefit for shipping jobs overseas.
Stabenow hopes that President Trump will stand with her on this and that the 6th time will be a charm for the Bring Jobs Home Act.
