Gillibrand Bill Claws Back Tax Benefits for Companies That Send Jobs Overseas
SYRACUSE, NY (WRVO) - New York Sen. Kirsten Gillibrand wants to penalize companies that send jobs overseas, by denying them federal grants and tax benefits. Legislation Gillibrand is proposing, would also incentivize companies to bring jobs back to the U.S.
The End Outsourcing Act would allow the federal government to claw back incentives given to companies over the past five years, if they outsource jobs. The bill would also give negative reviews to companies who are applying for federal loans and have outsourced in the past three years.
“It’s time to hold corporations accountable when they work against the interests of hard-working Americans,” Gillibrand said.
Speaking in Utica Friday, Gillibrand said the bill also provides a 20% tax credit for companies that bring jobs back to the United States.
“Creating tax policy to incentivize companies to stay here, reward them for staying here,” Gillibrand said.
Gillibrand noted that Utica has felt the negative effect of losing manufacturing jobs.
“Just since the early 2000s, one in every five factory job has been lost,” Gillibrand said about the region. “In the past several decades, manufacturing in Utica has declined by more than half.”
She said her bill is the first step to rolling back Republican tax cuts, signed by President Trump in 2017.
“It’s trying to rebalance the current tax code,” Gillibrand said. “That horrible Trump tax bill, really hurts our workers in New York and across the country. It disproportionally favors the wealthiest companies in the world and helps them outsource.”