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Thu May 3, 2012
Stabenow Bill Entices Foreign-Based U.S. Companies to Return Home
Michigan Democratic Senator Debbie Stabenow will introduce legislation she says will lure U.S. companies who’ve moved their operations overseas back home.
Stabenow visited Lansing Community College’s west campus to announce the “Bring Jobs Home Act.” The measure would end tax loopholes that encourage companies to leave the country, and offer a tax credit to cover 20 percent of their cost to resume operations in the U.S. Stabenow says the tax code needs to be modified to keep workers from paying for their own companies’ move.
“When a worker loses their job, they actually as a taxpayer end up helping to pay for the cost of packing up and moving the company, because the company can deduct that from their taxes," Stabenow says. It makes absolutely no sense. So we want to stop that.”
Stabenow plans to introduce the measure next week. She hopes it will come up for a vote in the Senate sometime this summer.