A bill to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves manufacturing jobs and production activities in the United States, and for other purposes.
American Manufacturing Jobs Act - Amends the Internal Revenue Code to repeal the exclusion from gross income of extraterritorial income (gross income attributable to foreign trading gross receipts).
Allows a deduction equal to nine percent of the qualified domestic production activities income, up to 50 percent of the W-2 wages paid by the employer for the taxable year.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S15415-15416)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15416-15418)
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