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