Jobs tax credit idea dead upon legislative arrival

Legislation to bring jobs back to U.S. soil fizzled in both chambers of Congress during President Barack Obama's second term.

After Obama brought up the idea in his budget for the 2015 fiscal year, Congressional Democrats introduced several bills aimed at incentivizing reshoring jobs to the United State.

The Bring Jobs Home Act, introduced in the Senate in early July 2014, granted a tax credit of up to 20 percent of expenses for companies that insource jobs. It also would have denied deductions businesses take for moving expenses if the business relocated overseas.

The bill died in the Senate, with just one Republican voting for it. Republicans and some tax experts characterized the bill as political posturing intended to help elect Democrats. (Democrats aired attack ads against Republicans using the vote.)

Senate and House Democrats introduced similar legislation again in 2014 and 2015, and Obama's budgets for fiscal years 2016 and 2017 included the idea. Nothing happened with any of those measures.

We rate this Promise Broken.