Senate advances bill limiting tax breaks for companies that move overseas; hurdles remain

The Senate has advanced an election-year bill limiting tax breaks for U.S. companies that move operations overseas. But big hurdles remain.

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The Senate voted 93-7 Wednesday to begin debating the bill, which would prevent companies from deducting expenses related to moving operations to a foreign country. The bill would offer tax credits to companies that move operations to the U.S. from overseas.

Senate Democratic leaders say the bill would end senseless tax breaks for companies that ship jobs abroad. Republicans say the bill is an election-year ploy that has no chance of becoming law. They note that a similar bill failed two years ago.