S.2531 - Keeping American Jobs at Home Act108th Congress (2003-2004)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 06/16/2004)|
|Committees:||Senate - Finance|
|Latest Action:||06/16/2004 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6895-6898) (All Actions)|
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Summary: S.2531 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in Senate (06/16/2004)
Keeping American Jobs at Home Act - Amends the Internal Revenue Code to: (1) prohibit tax credits or deductions for certain expenses relating to the outsourcing of goods and services from the United States; (2) provide for advance payments of the health insurance tax credit for trade adjustment assistance workers (TAA workers) for months prior to the issuance of a qualified health insurance costs credit eligibility certificate; (3) cover spouses of Medicare-eligible TAA workers under such tax credit; and (4) increase the amount of such tax credit from 65 to 75 percent of health insurance costs.
Amends the Trade Act of 1974 to: (1) extend trade adjustment assistance to workers in the service sector and public agencies; (2) increase funding levels for job retraining programs; and (3) establish a wage insurance program for displaced workers which includes health insurance benefits.
Creates a business judgment defense to shareholder lawsuits to protect corporate officers or directors who determine that it is in the best interest of their corporations to keep jobs or other business activities in the United States.
Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to: (1) prevent a lapse of health care coverage for TAA workers; and (2) align coverage periods under such Acts with eligibility periods for TAA workers.
Amends the Workforce Investment Act of 1998 to require a State or entity to use national emergency grant funds to provide TAA workers and their family members with health insurance coverage for periods prior to their first eligibility month.