Senate bill targets companies that move overseas

Published on NewsOK Modified: July 23, 2014 at 12:17 pm •  Published: July 23, 2014
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WASHINGTON (AP) — The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations overseas. But big hurdles remain.

The Senate voted 93-7 to begin debating the bill, which would prevent companies from deducting expenses related to moving operations to a foreign country. The bill would offer tax credits to companies that move operations to the U.S. from a foreign country.

Senate Democratic leaders say the bill would end senseless tax breaks for companies that ship jobs abroad.

"It would end the absurd practice of American taxpayers bankrolling the outsourcing of their very own jobs," said Senate Majority Leader Harry Reid, D-Nev.

"We need to close this indefensible loophole and instead start rewarding the companies that are doing the right thing and bringing jobs back to America," said Sen Debbie Stabenow, D-Mich.

President Barack Obama supports the bill, the White House said in a statement.

Most Republicans joined Democrats in voting to take up the bill. But GOP senators are unlikely to support final passage of the bill without significant changes.

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