That appears to be a bill that would help to prevent jobs from going overseas. I asked you to support 'SPECIFIC tax breaks do they get for going overseas' which you claimed was happening.
"SEC. 201. DISALLOWANCE OF DEDUCTION, LOSS, OR CREDIT FOR CERTAIN ITEMS INCURRED IN MOVING AMERICAN JOBS OFFSHORE.
(a) In General- Part IX of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
`SEC. 280I. EXPENDITURES INCURRED IN MOVING AMERICAN JOBS OFFSHORE.
`(a) Disallowance- No deduction, loss, or credit shall be allowed under this title for any taxable year for any disallowed amount.
`(b) Disallowed Amount- For purposes of this section--
`(1) IN GENERAL- The term `disallowed amount' means any amount which is paid or incurred during the taxable year which is properly allocable to an American jobs offshoring transaction.
`(2) LOSSES- Such term shall include any loss from any sale, exchange, abandonment, or other disposition of property in connection with an American jobs offshoring transaction.
`(3) EXCEPTION FOR COSTS RELATED TO DISPLACED WORKERS- Such term shall not include any amount paid or incurred for assistance to employees within the United States whose jobs are being lost as part of an American jobs offshoring transaction, including any severance pay, outplacement services, or employee retraining.
`(c) American Jobs Offshoring Transaction- For purposes of this section--
`(1) IN GENERAL- The term `American jobs offshoring transaction' means any transaction (or series of transactions) in which the taxpayer reduces or eliminates the operation of a trade or business (or line of business) within the United States in connection with the start up or expansion of such trade or business (or such line of business) by the taxpayer outside of the United States.
`(2) EXCEPTION- A transaction (or series of transactions) shall not be treated as an American jobs offshoring transaction if the taxpayer establishes to the satisfaction of the Secretary that such transaction (or series of transactions) will not result in the loss of employment for employees of the taxpayer within the United States.
`(d) Aggregation Rule- All employers treated as a single employer under subsection (a) or (b) of section 52 shall be treated as a single taxpayer for purposes of this section, except that section 1563(b)(2)(C) shall be disregarded in applying section 1563 for purposes of section 52.
`(e) Regulations- The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section, including regulations necessary to prevent the avoidance of such purposes and the application of this section in the case of mergers, acquisitions, and dispositions and in the case of contract employees.'.
(b) Conforming Amendment- The table of sections for part IX of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
`Sec. 280I. Expenditures incurred in moving American jobs offshore.'.
(c) Effective Dates-
(1) IN GENERAL- The amendments made by this section shall apply to transactions occurring after the date of the enactment of this Act.
(2) EXCEPTION FOR EXISTING TRANSACTIONS- The amendments made by this section shall not apply to transactions occurring after the date of the enactment of this Act if the taxpayer establishes to the satisfaction of the Secretary of the Treasury or the Secretary's delegate that on or before such date the taxpayer publicly identified the transaction in sufficient detail that the nature and scope of the transaction could be identified."
Bill Text - 111th Congress (2009-2010) - THOMAS (Library of Congress)