The Senate approved the JOBS Bill by a 92 to 5 vote. The House of Representatives must still approve its own version of the bill, and a final resolution of the two will have to be approved by Congress.
"The Manufacturer's Jobs Credit will help create jobs for dislocated workers in Maine and across the country, many of who have suffered because their jobs have moved overseas. It will also provide an incentive for manufacturing companies to stay and expand operations in the U.S.," said Senator Collins. "I encourage my colleagues in the House to also approve this important legislation as soon as possible in order to help strengthen the manufacturing industry and create and preserve manufacturing jobs for hard-working Americans."
The Collins Manufacturer's Jobs Credit provides tax incentives for manufacturing companies that hire workers who have lost manufacturing jobs and are eligible for Trade Adjustment Assistance (TAA). An American company with operations in the U.S. would be eligible and a company with US and foreign operations would be eligible - but it would only receive credit for the percentage of jobs it creates in the US relative to all jobs the business creates worldwide. The tax incentives would not be available to US manufacturers that relocate overseas.
According to a recent study, Maine has lost a greater percentage of Manufacturing jobs - nearly 18,000 over the past three years - than any other state. In Maine, there are approximately 4200 dislocated workers from nearly 60 TAA-certified manufacturers.
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