[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 25 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
S. RES. 25

   Expressing the sense of the Senate that comprehensive tax reform 
   legislation should include incentives for companies to repatriate 
         foreign earnings for the purpose of creating new jobs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 25 (legislative day, January 5), 2011

 Mrs. Boxer submitted the following resolution; which was referred to 
                        the Committee on Finance

_______________________________________________________________________

                               RESOLUTION


 
   Expressing the sense of the Senate that comprehensive tax reform 
   legislation should include incentives for companies to repatriate 
         foreign earnings for the purpose of creating new jobs.

Whereas innovative proposals to create new American jobs must be enacted in 
        order to reduce the United States unemployment rate, which was 9.4 
        percent at the end of 2010;
Whereas United States multinational companies have an estimated 
        $1,000,000,000,000 in overseas earnings that could be used to invest in 
        the economic recovery, but the current tax structure gives them more 
        incentive to leave those earnings overseas;
Whereas Congress passed section 422 of the American Jobs Creation Act of 2004, 
        which allowed for the short-term repatriation of foreign earnings at a 
        lower tax rate to encourage companies to bring their overseas earnings 
        back to invest in this country during the economic downturn;
Whereas more than $300,000,000,000 in foreign earnings was returned to the 
        United States as a result of section 422 of the American Jobs Creation 
        Act of 2004; and
Whereas $18,000,000,000 in additional revenue was provided to the United States 
        Treasury as a result of section 422 of the American Jobs Creation Act: 
        Now, therefore, be it
    Resolved, That it is the sense of the Senate that innovative 
proposals to create new American jobs, such as repatriation, should be 
considered in the 112th Congress as part of comprehensive tax reform.
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