Bloomfield Encourages Railroad Investment and Bringing Jobs Home
"Today, I introduced two bills, 1) to address our infrastructure and 2) to address tax changes and hopefully encourage businesses to repatriate jobs from overseas back to the US.
First, the Building Rail Access for Customers and the Economy Act will make a tax credit for short line and regional railroads permanent, rather than allow it to expire. This credit is a boon for smaller railroads and for the environment. It rewards railroads for investing in themselves and properly maintaining their track. It helps our environment by encouraging more freight to be transported by rails and reduces stress on public highways.
Secondly, the Bring Jobs Home will create a tax credit for businesses that insource to the US. A company that relocates to the US has expenses in doing so, and they should be encouraged and rewarded for doing so through the use of a tax credit related to those expenses. It's simple common sense to reward something you want more of. Similarly, this bill removes tax deductions related to expenses incurred for relocating outside of the US. It does not make much sense to reward, through a tax deduction, moving operations out of the US. Certainly, in a globalized economy businesses may need to relocate out of the country, but there is no reason to financially reward them for doing so.
I encourage Congress to take up these bills. Smaller railroad operators should have the certainty of knowing their track maintenance tax credit will be sustained and people should know that businesses will be rewarded for relocating into the US."