Tax credit proposal offers firms $1,200 per worker

Senator Dick Durbin (D-IL) yesterday floated a new bill, the Patriot Employer Tax Credit Act, offering a tax break worth around $1,200 per worker to companies that keep their headquarters in the U.S. To get the credit, firms would need to maintain their presence in America and not move (or invert) its domicile abroad by acquiring or being acquired by a foreign company, as Walgreen and AbbVie are reportedly considering. The proposal has come in for steep criticism, the Illinois Manufacturers’ Association commenting that “If Sen. Durbin were truly interested in creating good-paying jobs, like those in manufacturing, he should sponsor legislation cutting the corporate tax rate for American companies”.

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