End Outsourcing Act: New Rules for Businesses, Job Protection
This act aims to encourage businesses to keep jobs within the United States. It introduces new reporting requirements for companies planning to move jobs abroad and modifies tax rules to discourage outsourcing while promoting job return to the country. Citizens can expect greater job stability and potentially more job opportunities in the USA.
Key points
Companies must notify employees and the government about plans to move jobs abroad if more than 50 positions are affected.
Companies moving jobs abroad will lose the ability to deduct related expenses from their taxes.
Companies that outsource jobs may lose access to certain tax benefits and preferences in government contracts.
Companies that bring jobs back to the U.S. may receive tax credits, especially if jobs are created in low-income areas or HUBZones.
Federal agencies will consider a company's outsourcing history when evaluating requests for grants, loans, and contracts.
Expired
Additional Information
Print number: 117_S_1513
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2021-04-29