Keeping Jobs in America Act

Keeping Jobs in America Act - Directs the Secretary of Commerce to establish a program to award grants to states that are recruiting high-value jobs (e.g., manufacturing, software publishing, and computer system design jobs that pay a higher than average wage). Allows the use of grants to issue forgivable loans to entities that employ not fewer than 50 full-time employees in high-value jobs and that are deciding whether to locate in rural and distressed areas.

Amends the Internal Revenue Code to: (1) grant business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and  relocating it within the United States, and (2) deny a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. Requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses.

Extends through 2017 the additional allowance for depreciation of business property (bonus depreciation) and the election to accelerate the alternative minimum tax credit in lieu of bonus depreciation. Makes permanent: (1) the increased $500,000 expensing allowance for depreciable business property and qualified real property, and (2) the new markets tax credit.