Julianna Goldman of Bloomberg writes:

“To give companies an incentive to create manufacturing jobs in the U.S., the president proposes to require that companies pay a minimum tax for profit earned overseas, a step that may offset the lure of low tax rates offered by some foreign countries.

Companies would be banned from taking a deduction on taxes and would be offered a 20 percent tax credit, an amount subtracted directly from taxes owed, if they brought jobs home, according to the administration’s fact sheet.

Obama also is proposing $6 billion in new credits over three years for companies that invest in facilities or production in communities that has had major job losses.

He also again is calling for reauthorizing a measure that lets businesses expense the full cost of investments in equipment and making permanent a research and experimentation tax credit.

The details of the plan will be included in the fiscal 2013 budget Obama sends to Congress on Feb. 13.”

To read more click here.