Rep. Levin unveils bill clamping down on U.S. multinationals

The bill, Investing in
American Jobs and Closing Tax Loopholes Act of 2010, is part of the Democrats’ “Make
it in America” agenda that seeks to stimulate growth in the nation’s
manufacturing sector. The legislation will be the subject of a House Rules
Committee meeting this evening and is expected to be voted on tomorrow. 

The proposal extends the
Build America Bonds, new market tax credits and Recovery Zone Bonds that create
incentives for improvements in infrastructure. It also extends emergency
assistance to programs like Temporary Assistance for Needy Families,
slated to expire Sept. 30.  

The bill is paid for in large
part by closing $11.6 billion in foreign tax credits.

The original intent of the credits was to ensure against double
taxation. But Levin in the past has stated that these credits have been
abused by companies to reduce their tax burden by using them to offset
unrelated foreign income.