S.3816 - Creating American Jobs and Ending Offshoring Act111th Congress (2009-2010)
|Sponsor:||Sen. Durbin, Richard [D-IL] (Introduced 09/21/2010)|
|Latest Action:||09/28/2010 Cloture on the motion to proceed to the bill not invoked in Senate by Yea-Nay Vote. 53 - 45. Record Vote Number: 242. (consideration: CR S7584-7585; text: CR S7584) (All Actions)|
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Summary: S.3816 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (09/21/2010)
Creating American Jobs and Ending Offshoring Act - Amends the Internal Revenue Code to: (1) exempt from employment taxes for a 24-month period employers who hire a employee who replaces another employee who is not a citizen or permanent resident of the United States and who performs similar duties overseas; (2) deny any tax deduction, deduction for loss, or tax credit for the cost of an American jobs offshoring transaction (defined as any transaction in which a taxpayer reduces or eliminates the operation of a trade or business in connection with the start-up or expansion of such trade or business outside the United States); and (3) eliminate the deferral of tax on income of a controlled foreign corporation attributable to property imported into the United States by such corporation or a related person, except for property exported before substantial use in the United States and for agricultural commodities not grown in the United States in commercially marketable quantities.