Schumer wants action on outsourcing bill before election

“I hope so,” he said. “I’d like to see it.” 

The bill, Creating American Jobs and End Offshoring Act, encourages businesses to create jobs domestically by relieving them from payroll tax payments on new employees who perform services in the U.S. that were once done abroad.

The payroll tax holiday would be available for 24 months for qualified workers hired after Sept. 21, 2010, and before Sept. 22, 2013.

The Act also prohibits certain firms from taking deductions, losses, or credits connected to moving U.S. operations offshore.

In addition, the legislation repeals deferral for certain companies that reduce or close a trade or business in the U.S. just to start-up operations overseas and import their products back into the U.S.

The Joint Committee on Taxation is currently in the process of scoring the bill.