H.R.6152 - Bring Jobs Home Act112th Congress (2011-2012)
|Sponsor:||Rep. Pascrell, Bill, Jr. [D-NJ-8] (Introduced 07/19/2012)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/19/2012 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.6152 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (07/19/2012)
Bring Jobs Home Act - Amends the Internal Revenue Code to: (1) grant business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and relocating it within the United States, and (2) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. Requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses.
Allows nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.