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Friday, July 25, 2014

Pryor proposes jobs legislation

Posted By on Fri, Jul 25, 2014 at 11:15 AM

U.S. Sen. Mark Pryor has proposed legislation to encourage U.S. job creation.

Key elements:

* Ends tax breaks for companies that move overseas. No more deductions for cost of moving personnel and operations.

* A tax credit up to 20  percent of the costs of bringing jobs back to the U.S. This would be on top of an existing deduction.

* A grant program that would give rural states money to make $5,000-per-job forgivable loans to recruit overseas companies.

* Extend tax credits for increased expensing and bonus depreciation to help small and medium-sized companies and farms.

* Require use of made-in America products on public works and taxpayer-funded infrastructure.

* Permanently extend the Build America Bonds program to finance public capital projects, including for levees and flood control

* Create a standardized labeling program for American-made goods.

* Allow a tax-free savings account for small business startups.

* A 25 percent income tax credit for small business investment, particularly in advanced industries, clean energy and transportation infrastructure.

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