Current tax law allows for the cost of moving jobs overseas to be deducted as a business expense. S. 3664, sponsored by Senator Debbie Stabenow, D-Mich., would end that tax break while continuing to allow a deduction for jobs returned to this country or moved within the United States. The bill would provide an additional tax credit for 20 percent of the cost of moving jobs back to the United States. On July 19, the Senate rejected, 56-42, a motion to take up the bill, which would encourage companies to bring jobs back to the United States. The motion fell four votes short of the 60 needed to invoke cloture on the motion to proceed made by Majority Leader Harry Reid,D-Nev. Four Rep.Senators voted with all participating Democrats to take up the legislation. No further action is scheduled.



