,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ccg  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #ad1 #bjac    
,ms4 ,/ab5[ 7= h]self1 ,mr4 ,rockefell]1
 ,mrs4 ,mc,caskill1 ,mr4 ,durb91 ,mr4   
,:iteh\se1 ,ms4 ,klobu*>1 & ,mr4        
,blum5?al7 introduc$ ! foll[+ bill2 :i* 
0 read twice & ref]r$ to ! ,committee on
 ,f9ance  ,a ,,bill  ,to provide an     
inc5tive = bus9esses to br+ jobs back to
 ,am]ica4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,br+ ,jobs ,home ,act4  #b4
 ,cr$it = ins\rc+ exp5ses  7a7 ,9 g5]al 
,subp>t ,d ( "p ,,iv ( sub*apt] ,a (    
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #de,s4 ,cr$it = ins\rc+  
exp5ses  7a7 ,9 g5]al ,= purposes (     
section #ch1 ! ins\rc+ exp5ses cr$it =  
any taxable ye> is an am\nt equal to #bj
 p]c5t ( ! eligible ins\rc+ exp5ses ( ! 
taxpay] :i* are tak5 into acc\nt 9 su*  
taxable ye> "u subsection 7d74  7b7     
,eligible ins\rc+ exp5ses ,= purposes ( 
?is section--  7#a7 ,9 g5]al ,! t]m     

eligible ins\rc+ exp5ses means--  7,a7  
eligible exp5ses paid or incurr$ by !   
taxpay] 9 connection ) ! elim9ation (   
any bus9ess unit ( ! taxpay] 7or ( any  
memb] ( any exp&$ affiliat$ gr\p 9 :i* !
 taxpay] is also a memb]7 locat$ outside
 ! ,unit$ ,/ates1 &  7,b7 eligible      
exp5ses paid or incurr$ by ! taxpay] 9  
connection ) ! e/abli%m5t ( any bus9ess 
unit ( ! taxpay] 7or ( any memb] ( any  
exp&$ affiliat$ gr\p 9 :i* ! taxpay] is 
also a memb]7 locat$ )9 ! ,unit$ ,/ates1
  if su* e/abli%m5t con/itutes !        
relocation ( ! bus9ess unit s elim9at$4 
,= purposes ( ! prec$+ s5t5ce1 a        
relocation %all n be treat$ z fail+ to  
occur m]ely because su* elim9ation      
occurs 9 a diff]5t taxable ye> ?an su*  
e/abli%m5t4  7#b7 ,eligible exp5ses ,!  
t]m eligible exp5ses means--  7,a7 any  
am\nt = :i* a d$uction is all[$ to !    
taxpay] "u section #afb1 &  7,b7 p]mit &
 lic5se fees1 lease brok]age fees1      
equipm5t in/allation co/s1 &1 to ! ext5t
 provid$ by ! ,secret>y1 o!r simil>     

exp5ses4  ,su* t]m does n include any   
comp5sation :i* is paid or incurr$ 9    
connection ) sev]ance f employm5t &1 to 
! ext5t provid$ by ! ,secret>y1 any     
simil> am\nt4  7#c7 ,bus9ess unit ,! t]m
 bus9ess unit means--  7,a7 any trade or
 bus9ess1 &  7,b7 any l9e ( bus9ess1 or 
functional unit1 :i* is "p ( any trade  
or bus9ess4  7#d7 ,exp&$ affiliat$ gr\p 
,! t]m exp&$ affiliat$ gr\p means an    
affiliat$ gr\p z def9$ 9 section        
#aejd7;a71 det]m9$ )\t reg>d to section 
#aejd7;b77#c7 & by sub/itut+ m ?an #ej  
p]c5t = at lea/ #hj p]c5t ea* place x   
appe>s 9 section #aejd7;a74 ,a p>tn]%ip 
or any o!r entity 7o!r ?an a            
corporation7 %all be treat$ z a memb] ( 
an exp&$ affiliat$ gr\p if su* entity is
 controll$ 7)9 ! mean+ ( section        
#ied7;d77#c77 by memb]s ( su* gr\p      
7includ+ any entity treat$ z a memb] (  
su* gr\p by reason ( ?is p>agraph74     
7#e7 ,exp5ses mu/ be pursuant to ins\rc+
 plan ,am\nts %all be tak5 into acc\nt  
"u p>agraph 7#a7 only to ! ext5t t su*  

am\nts are paid or incurr$ pursuant to a
 writt5 plan to c>ry out ! relocation   
describ$ 9 p>agraph 7#a74  7#f7 ,op]at+ 
exp5ses n tak5 into acc\nt ,any am\nt   
paid or incurr$ 9 connection ) ! on-go+ 
op]ation ( a bus9ess unit %all n be     
treat$ z an am\nt paid or incurr$ 9     
connection ) ! e/abli%m5t or elim9ation 
( su* bus9ess unit4  7c7 ,increas$      
dome/ic employm5t requirem5t ,no cr$it  
%all be all[$ "u ?is section unless !   
numb] ( full-"t equival5t employees ( ! 
taxpay] = ! taxable ye> = :i* ! cr$it is
 claim$ exce$s ! numb] ( full-"t        
equival5t employees ( ! taxpay] = ! la/ 
taxable ye> end+ be=e ! fir/ taxable ye>
 9 :i* su* eligible ins\rc+ exp5ses 7   
paid or incurr$4 ,= purposes ( ?is      
subsection1 full-"t equival5t employees 
has ! mean+ giv5 su* t]m "u section     
#de,r7d7 7& ! applicable rules ( section
 #de,r7e774 ,all employ]s treat$ z a    
s+le employ] "u subsection 7b71 7c71    
7m71 or 7o7 ( section #dad %all be      
treat$ z a s+le employ] = purposes ( ?is

 subsection4  7d7 ,cr$it all[$ ^u       
completion ( ins\rc+ plan  7#a7 ,9 g5]al
 ,except z provid$ 9 p>agraph 7#b71     
eligible ins\rc+ exp5ses %all be tak5   
into acc\nt "u subsection 7a7 9 !       
taxable ye> dur+ :i* ! plan describ$ 9  
subsection 7b77#e7 has be5 complet$ &   
all eligible ins\rc+ exp5ses pursuant to
 su* plan h be5 paid or incurr$4  7#b7  
,election to apply employm5t te/ & claim
 cr$it 9 fir/ full taxable ye> aft]     
completion ( plan ,if ! taxpay] elects !
 application ( ?is p>agraph1 eligible   
ins\rc+ exp5ses %all be tak5 into acc\nt
 "u subsection 7a7 9 ! fir/ taxable ye> 
aft] ! taxable ye> describ$ 9 p>agraph  
7#a74  7e7 ,possessions treat$ z "p ( ! 
,unit$ ,/ates ,= purposes ( ?is section1
 ! t]m ,unit$ ,/ates %all be treat$ z   
includ+ ea* possession ( ! ,unit$ ,/ates
 7includ+ ! ,commonweal? ( ,pu]to ,rico 
& ! ,commonweal? ( ! ,nor!rn ,m>iana    
,isl&s74  7f7 ,regulations ,! ,secret>y 
%all prescribe su* regulations or o!r   
guidance z may be necess>y or           

appropriate to c>ry out ! purposes ( ?is
 section4  4  7b7 ,cr$it ,to be "p (    
g5]al bus9ess cr$it ,subsection 7b7 (   
section #ch ( su* ,code is am5d$ by     
/rik+ plus at ! end ( p>agraph 7#ce71 by
 /rik+ ! p]iod at ! end ( p>agraph 7#cf7
 & ins]t+ 1 plus1 & by add+ at ! end !  
foll[+ new p>agraph3  7#cg7 ! ins\rc+   
exp5ses cr$it det]m9$ "u section        
#de,s7a74  4  7c7 ,cl]ical am5dm5t ,!   
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #de,s4 ,cr$it = ins\rc+    
exp5ses4  4  7d7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
to am\nts paid or incurr$ aft] ! date ( 
! enactm5t ( ?is ,act4  7e7 ,application
 to ,unit$ ,/ates possessions  7#a7     
,paym5ts to possessions  7,a7 ,mirror   
code possessions ,! ,secret>y ( !       
,treasury %all make p]iodic paym5ts to  
ea* possession ( ! ,unit$ ,/ates ) a    
mirror code tax sy/em 9 an am\nt equal  
to ! loss to t possession by reason (   

section #de,s ( ! ,int]nal ,rev5ue ,code
 ( #aihf4 ,su* am\nt %all be det]m9$ by 
! ,secret>y ( ! ,treasury bas$ on       
in=mation provid$ by ! gov]nm5t ( !     
respective possession4  7,b7 ,o!r       
possessions ,! ,secret>y ( ! ,treasury  
%all make annual paym5ts to ea*         
possession ( ! ,unit$ ,/ates :i* does n 
h a mirror code tax sy/em 9 an am\nt    
e/imat$ by ! ,secret>y ( ! ,treasury z  
be+ equal to ! aggregate b5efits t w\ld 
h be5 provid$ to resid5ts ( su*         
possession by reason ( section #de,s (  
su* ,code if a mirror code tax sy/em _h 
be5 9 effect 9 su* possession4 ,! prec$+
 s5t5ce %all n apply ) respect to any   
possession ( ! ,unit$ ,/ates unless su* 
possession has a plan1 :i* has be5      
approv$ by ! ,secret>y ( ! ,treasury1 "u
 :i* su* possession w promptly di/ribute
 su* paym5t to ! resid5ts ( su*         
possession4  7#b7 ,coord9ation ) cr$it  
all[$ aga9/ unit$ /ates income taxes ,no
 cr$it %all be all[$ aga9/ ,unit$ ,/ates
 income taxes "u section #de,s ( su*    

,code to any p]son--  7,a7 to :om a     
cr$it is all[$ aga9/ taxes impos$ by !  
possession by reason ( su* section1 or  
7,b7 :o is eligible = a paym5t "u a plan
 describ$ 9 p>agraph 7#a77;,b74  7#c7   
,def9itions & special rules  7,a7       
,possessions ( ! ,unit$ ,/ates ,=       
purposes ( ?is section1 ! t]m possession
 ( ! ,unit$ ,/ates includes !           
,commonweal? ( ,pu]to ,rico & !         
,commonweal? ( ! ,nor!rn ,m>iana ,isl&s4
  7,b7 ,mirror code tax sy/em ,=        
purposes ( ?is section1 ! t]m mirror    
code tax sy/em means1 ) respect to any  
possession ( ! ,unit$ ,/ates1 ! income  
tax sy/em ( su* possession if ! income  
tax liability ( ! resid5ts ( su*        
possession "u su* sy/em is det]m9$ by   
ref]5ce to ! income tax laws ( ! ,unit$ 
,/ates z if su* possession 7 ! ,unit$   
,/ates4  7,c7 ,treatm5t ( paym5ts ,=    
purposes ( section #acbd7;b77#b7 ( title
 #ca1 ,unit$ ,/ates ,code1 ! paym5ts "u 
?is section %all be treat$ 9 ! same     
mann] z a refund due f sections ref]r$  

to 9 su* section #acbd7;b77#b74  #c4    
,d5ial ( d$uction = outs\rc+ exp5ses    
7a7 ,9 g5]al ,"p ,,ix ( sub*apt] ,b (   
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #bhj;,i4 ,outs\rc+       
exp5ses  7a7 ,9 g5]al ,no d$uction      
o!rwise all[able "u ?is *apt] %all be   
all[$ = any specifi$ outs\rc+ exp5se4   
7b7 ,specifi$ outs\rc+ exp5se ,=        
purposes ( ?is section--  7#a7 ,9 g5]al 
,! t]m specifi$ outs\rc+ exp5se means-- 
7,a7 any eligible exp5se paid or incurr$
 by ! taxpay] 9 connection ) !          
elim9ation ( any bus9ess unit ( !       
taxpay] 7or ( any memb] ( any exp&$     
affiliat$ gr\p 9 :i* ! taxpay] is also a
 memb]7 locat$ )9 ! ,unit$ ,/ates1 &    
7,b7 any eligible exp5se paid or incurr$
 by ! taxpay] 9 connection ) !          
e/abli%m5t ( any bus9ess unit ( !       
taxpay] 7or ( any memb] ( any exp&$     
affiliat$ gr\p 9 :i* ! taxpay] is also a
 memb]7 locat$ outside ! ,unit$ ,/ates1 
if su* e/abli%m5t con/itutes !          

relocation ( ! bus9ess unit s elim9at$4 
,= purposes ( ! prec$+ s5t5ce1 a        
relocation %all n be treat$ z fail+ to  
occur m]ely because su* elim9ation      
occurs 9 a diff]5t taxable ye> ?an su*  
e/abli%m5t4  7#b7 ,application ( c]ta9  
def9itions & rules  7,a7 ,def9itions ,= 
purposes ( ?is section1 ! t]ms eligible 
exp5ses1 bus9ess unit1 & exp&$ affiliat$
 gr\p %all h ! respective mean+s giv5   
su* t]ms by section #de,s7b74  7,b7     
,op]at+ exp5ses n tak5 into acc\nt ,a   
rule simil> to ! rule ( section         
#de,s7b77#f7 %all apply = purposes ( ?is
 section4  7c7 ,special rules  7#a7     
,application to d$uctions = depreciation
 & amortization ,9 ! case ( any portion 
( a specifi$ outs\rc+ exp5se :i* is n   
d$uctible 9 ! taxable ye> 9 :i* paid or 
incurr$1 su* portion %all nei!r be      
*>geable to capital acc\nt nor          
amortizable4  7#b7 ,possessions treat$ z
 "p ( ! ,unit$ ,/ates ,= purposes ( ?is 
section1 ! t]m ,unit$ ,/ates %all be    
treat$ z includ+ ea* possession ( !     

,unit$ ,/ates 7includ+ ! ,commonweal? ( 
,pu]to ,rico & ! ,commonweal? ( !       
,nor!rn ,m>iana ,isl&s74  7d7           
,regulations ,! ,secret>y %all prescribe
 su* regulations or o!r guidance z may  
be necess>y or appropriate to c>ry out !
 purposes ( ?is section1 includ+        
regulations :i* provide 7or create a    
rebuttable presumption7 t c]ta9         
e/abli%m5ts ( bus9ess units outside !   
,unit$ ,/ates w be treat$ z relocations 
7bas$ on tim+ or su* o!r factors z !    
,secret>y may provide7 ( bus9ess units  
elim9at$ )9 ! ,unit$ ,/ates4  4  7b7    
,limitation on subp>t ,f income (       
controll$ =eign corporations det]m9$ )\t
 reg>d to specifi$ outs\rc+ exp5ses     
,subsection 7c7 ( section #ieb ( su*    
,code is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#d7 ,e>n+s & pr(its    
det]m9$ )\t reg>d to specifi$ outs\rc+  
exp5ses ,= purposes ( ?is subsection1   
e>n+s & pr(its ( any controll$ =eign    
corporation %all be det]m9$ )\t reg>d to
 any specifi$ outs\rc+ exp5se 7z def9$ 9

 section #bhj;,i7b774  4  7c7 ,cl]ical  
am5dm5t ,! table ( sections = "p ,,ix ( 
sub*apt] ,b ( *apt] #a ( su* ,code is   
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #bhj;,i4 ,outs\rc+ exp5ses4
  4  7d7 ,effective date ,! am5dm5ts    
made by ?is section %all apply to am\nts
 paid or incurr$ aft] ! date ( !        
enactm5t ( ?is ,act4