Ways and Means Committee Chairman Sander M. Levin, D-Mich., has introduced the Investing in American Jobs and Closing Tax Loopholes Bill of 2010 (HR 5893), which the House is expected to consider on July 29. Levin said the legislation is designed to extend popular tax incentives that create jobs, such as the Build America Bond Program. The bill includes provisions for expanding recovery zone bonds, water and sewer bonds, loan guarantees for tax-exempt bonds and new markets tax credits, as well as relief from alternative minimum taxes for private activity bonds.
“This legislation reaffirms our commitment to creating jobs in America and closing loopholes that encourage companies to ship jobs and investments overseas,” Levin said. “We have made this proposal clear and simple so that Republicans have an opportunity to join us in promoting U.S. jobs and stopping outsourcing.”
The legislation also includes a package of provisions aimed at curtailing abuses of the U.S. foreign tax credit system, such as rules to prevent splitting foreign tax credits from income and limits on the use of Code Sec. 956 for foreign tax credit planning. According to a summary of the bill provided by the committee, the foreign provisions would eliminate $11.6 billion of foreign tax credit loopholes.
By Stephen K. Cooper, CCH News Staff
Ways and Means Press Release: Chairman Levin Introduces the Investing in American Jobs and Closing Tax Loopholes Act of 2010
Investing in American Jobs and Closing Tax Loopholes Act of 2010, HR 5893
Summary of HR 5893, the Investing In American Jobs and Closing Tax Loopholes Act of 2010
Emergency Fund for Job Creation and Assistance in the Investing in American Jobs and Closing Tax Loopholes Act (HR 5893)
Very Preliminary Estimated Revenue Effects of the Investing in American Jobs and Closing Tax Loopholes Act of 2010