Politics and Government
Schumer wants to bring outsourced jobs back to upstate New York
New York Senator Charles Schumer is pushing a new bill that he says would help bring outsourced jobs back to upstate New York.
The bill would provide a 20 percent tax credit for businesses that bring outsourced jobs back to the US as well as close tax loopholes for companies that ship jobs overseas.
Schumer says there are 23 companies in central New York alone that are currently outsourcing jobs that would be eligible for the tax credit. He also says that many of these companies want to bring their jobs back to the US.
"These are companies that first grew their businesses overseas and now with the changing costs, and everything else, and American productivity, they're looking to bring the jobs back," Schumer said.
Under the current tax law, businesses moving personnel from one location to another can claim the costs associated with relocation as business expenses and deduct it. This means they get a tax deduction for moving jobs overseas.
Schumer says he feels it is time the tax code is changed to encourage manufacturing upstate and create more jobs upstate.