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HR8506FEDERALFederal Billin committee

High Impact

The Bring Jobs Home Act

Original title: Bring Jobs Home Act

Last action · May 22, 2024: Referred to the House Committee on Ways and Means.

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

Law

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What This Bill Would Do

This bill proposes tax changes to encourage companies to move business operations back to the United States and discourage them from moving operations abroad. It offers a tax credit for costs associated with moving jobs to the U.S. while eliminating tax deductions for costs associated with moving jobs out of the country.

Why it matters

If passed, this bill would change the tax liability for U.S. corporations that relocate business units, potentially influencing corporate decisions on where to base their operations and employees.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

U.S. Corporations

These entities face changes in tax liability based on whether they move business units into or out of the United States.

Directly affected

U.S. Employees

The bill ties tax credits to the maintenance and growth of full-time equivalent employee counts within the United States.

Directly affected

U.S. Territories

The Treasury is required to make payments to these territories to compensate for tax revenue changes caused by the new credit.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Does this bill apply to all companies?

It applies to taxpayers who are members of an '' and meet specific employment growth requirements.

Can I claim the credit for moving a business unit if I don't increase my total number of employees?

No, the bill explicitly states that no credit is allowed unless the number of in the U.S. exceeds the number from the year before the move.

What happens to the tax deduction for moving expenses?

The bill eliminates the deduction for expenses and reinstates a deduction for moving expenses by striking subsection (k) of Section 217.

What else do you want to know?

News Coverage

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Last action

Referred to the House Committee on Ways and Means.May 22, 2024

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Incentivizing Domestic Employment

The bill explicitly links tax credits for relocation to a net increase in domestic full-time equivalent employees, preventing companies from simply moving operations without creating new jobs.

Internal Revenue Code of 1986