“Arkansas is a manufacturing powerhouse. Yet, we’re seeing too many jobs shipped overseas. It’s time to bring jobs back home,” Pryor said. “My ‘American-Made Strong’ jobs legislation will end the outrageous tax giveaways for companies that ship jobs overseas and instead provide incentives to bring good-paying jobs back to the U.S. It will require infrastructure to be built with American-made products so we keep America working. And it will make it easier for businesses to produce and consumers to buy quality products made right here in the USA.”
Highlights of Senator Pryor’s jobs legislation:
Pryor’s bill ends the outrageous tax giveaway for companies that ship jobs to places like Mexico and China and instead provides tax incentives to bring good-paying manufacturing jobs back home.
· Denies Tax Breaks for U.S. Companies that Move Overseas: Stops companies from deducting the cost of moving personnel and operations to a location outside the U.S.
· Creates a New Tax Cut to Encourage U.S. Companies to Bring Jobs Home: Allows U.S. companies to qualify for a tax credit equal to 20% of the cost associated with bringing jobs and business activity back to the U.S. The company will be able to apply the 20% percent tax credit against its corporate income tax. These companies would still qualify for the deduction currently available for the costs associated with moving personnel and business activity, as well as the new 20% tax credit.
· Helps Rural States Recruit Overseas Companies: Establishes a competitive grant program to help rural states recruit companies to the U.S. States could use these grants to issue forgivable loans of $5,000 per full-time employee.
· Gives U.S. Companies a Competitive Edge through the Tax Code: Extends popular tax credits, such as increased expensing and bonus depreciation, so small- and medium-sized U.S. companies and farms have resources to create jobs and grow their businesses.
Pryor’s bill requires companies hired to build America’s highways, public works, and other infrastructure to use products made here in America-helping put to work America’s industrious steel, cement and forestry workers.
· Requires Taxpayer-Funded Infrastructure to Use American-made Steel and Iron: Requires all Federal agencies to use American made iron, steel, wood products, cement and manufactured goods in public buildings and public works projects unless the agency head justifies a waiver.
· Extends Build America Bonds Program: Permanently extends the Build America Bonds program that helps states and localities pursue needed capital projects, such as public buildings, courthouses, schools, transportation infrastructure, hospitals, public safety facilities and equipment, water and sewer projects, energy projects, and public utilities. It also allows the use of these bonds to fund levees and flood control projects.
Pryor’s bill makes it easier for consumers to distinguish which products on our shelves are quality American-made products versus cheaply-made imports. He is also working to increase America’s small manufacturing companies through financial incentives to get a business started and expand.
· Helping “Made In America” Products Stand Out: Creates a voluntary, standardized labeling program that would allow consumers to easily identify products made, manufactured, and assembled in the United States. The “America Star” labeling program, implemented by the Department of Commerce, would be similar to the existing “Energy Star” program.
· Starting a Business with Less Debt: Allows entrepreneurs to save up to $10,000 per year in a tax-free savings account for the purpose of starting a small business. Funds in the account can be used to pay for startup costs for equipment, facilities, marketing, legal fees and other capital and operating expenses.
· Expanding Technology Companies in America: Provides 25% federal income tax credit for angel and venture fund investment in qualified small businesses, particularly in the emerging areas of advanced manufacturing, aerospace, biotechnology, clean energy and transportation infrastructure.