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Wed July 30, 2014
Heinrich Blasts Failure Of Bill To End Tax Incentive For Sending Jobs Overseas
Today, U.S. Senator Martin Heinrich (D-N.M.) released the following statement after S. 2569, the Bring Jobs Home Act, failed to overcome a procedural hurdle that requires 60 votes, with a vote of 54 to 42. The bill, supported by Senator Heinrich, would protect and promote U.S. job growth by ending a tax incentive for moving jobs overseas and creating a new tax incentive for bringing jobs back to the U.S.
"We shouldn't reward companies that ship jobs overseas with special tax breaks. To most people, that's just common sense. What we should be doing is helping companies that bring jobs back to the United States. Our economy is still recovering, and protecting and promoting job creation has to be our first priority. I'm fighting to strengthen the economy and make sure all New Mexicans who want a job can find one. New Mexicans deserve a fair shot at getting ahead, and that starts with making sure there are good paying jobs here at home," said Sen. Heinrich.
Provisions of the Bring Jobs Home Act would have ended tax deductions that offset the costs of moving personnel and equipment to locations outside the country and kept deductions for businesses that bring jobs and business activity back to the U.S. The bill also would have created a new tax credit to partially offset costs related to eliminating overseas operations and moving jobs and personnel back home.