Keeping Jobs in America Act
Latest action · Jul 29, 2014 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 29, 2014
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Keeping Jobs in America Act - Directs the Secretary of Commerce to establish a program to award grants to states that are recruiting high-value jobs (e.g., manufacturing, software publishing, and computer system design jobs that pay a higher than average wage). Allows the use of grants to issue forgivable loans to entities that employ not fewer than 50 full-time employees in high-value jobs and that are deciding whether to locate in rural and distressed areas.
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.
Extends through 2017 the additional allowance for depreciation of business property (bonus depreciation) and the election to accelerate the alternative minimum tax credit in lieu of bonus depreciation. Makes permanent: (1) the increased $500,000 expensing allowance for depreciable business property and qualified real property, and (2) the new markets tax credit.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jul 29, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MT | John E. Walsh | Original | Jul 29, 2014 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 29, 2014 |
Actions 2
Everything that happened, newest first.
- Jul 29, 2014Introduced in Senate
- Jul 29, 2014Read twice and referred to the Committee on Finance.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 337 | Bring Jobs Home Act | Related bill | Feb 14, 2013 |
| HR 851 | Bring Jobs Home Act | Related bill | Feb 27, 2013 |
| S 2562 | Bring Jobs Home Act | Related bill | Jul 7, 2014 |
| S 2569 | Bring Jobs Home Act | Related bill | Jul 30, 2014 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide incentives for businesses to keep jobs in the United States.
- Short Titles as Introduced
- Keeping Jobs in America Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting and auditing
- Business investment and capital
- Economic development
- Employee hiring
- Foreign and international corporations
- Government lending and loan guarantees
- Income tax credits
- Income tax deductions
- Inflation and prices
- Lighting, heating, cooling
- Poverty and welfare assistance
- Rural conditions and development
- Taxation
- Taxation of foreign income
- U.S. territories and protectorates
- Unemployment
Text 1
Each version as it was printed, newest first.
- Jul 29, 2014Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
