The New York Times (1/12, B2, Landler, Subscription Publication) reports, “President Obama said on Wednesday that he would propose tax incentives for companies to bring home manufacturing jobs they had moved overseas, and curtail tax breaks for those that keep relocating jobs abroad. Flanked by executives from the aerospace, chemical and furniture industries - all of whom are building or expanding factories in the United States - Mr. Obama declared that the nation was beginning to see the reversal of a long-term trend toward outsourcing.”

The Los Angeles Times (1/12, Puzzanghera) reports, “The White House said in the coming weeks Obama would propose new tax provisions to reward companies that bring back jobs to the US or make new investments here, and would move to eliminate tax breaks for companies that ship jobs overseas.”

The AP (1/12, Kuhnhenn, Rugaber) reports, “Obama highlighted big and small firms ranging from Ford to a North Carolina specialty furniture company as examples of enterprises that have invested in the US rather than abroad.”

The Washington Post (1/12, Goldfarb) reports, “Obama did not give any more details about the proposals he will make. But some close to the White House expect him to repackage old ideas, such as making it harder for US companies to postpone paying taxes on foreign profits, along with new ideas. One idea that the administration has explored is a recurring tax credit for profits derived from selling products developed in the United States, but it is unclear whether this will be part of the package the president will announce.”

Groups seek to capitalize on federal funding

Cara Matthews writes on pressconnects.com -”Health care advocates said Thursday that Gov. Andrew Cuomo and lawmakers must move quickly this session — before the new fiscal year starts April 1 — to set up a health care exchange and capitalize on millions of dollars in federal funding.

The Health Care For All New York coalition released two reports Thursday detailing the benefits that have already taken effect under the 2010 Affordable Care Act and personal stories of people who have benefited from the law.

The law requires that all states have health exchanges — marketplaces where individuals and small businesses can buy insurance — operating by Jan. 1, 2014. The federal government will intervene and create exchanges in states that have not set up viable models by Jan. 1, 2013.”

To read more click here.

Joseph Spector reports on LoHud.com - “he Seneca Nation of Indians said today it has filed for arbitration over what they claim is New York’s violation of its gambling compact with the state, which says it has exclusive gambling rights in 14 counties in western New York.

The arbitration filing is the latest salvo in the dispute with the state over its gambling rights and its rights to sell cigarettes tax free on its reservations.

Since January 2009, the Seneca Nation has withheld about $350 million in payments to the state from its three western New York casinos, in Niagara Falls, Buffalo and Salamanca, Cattaraugus County. The Senecas claim exclusive gaming rights west of Route 14, which runs south from Wayne County to the Pennsylvania border.”

To read more click here.

Rick Karlin of the Times Union writes:

“The inability of Congress to come up with a deficit-reduction strategy will come at a high price for New York, Gov. Andrew Cuomo said Monday, as he activated his top economic advisers to develop an “expedited job creation and fiscal stabilization plan” to deal with fallout from lawmakers’ most recent impasse.

The failure of the congressional supercommittee to reach an agreement, Cuomo noted, could trigger automatic “sequestered cuts” that will cost the state an estimated $5 billion in federal funding over the next decade. Administration sources also estimated the loss of 155,000 jobs in New York, largely because of shortfalls for public sector jobs.”

To read more click here.

Brian Tumulty reports from Washington for the Journal News - “Ten New York lawmakers are part of a bipartisan group of 100 House members who want a congressional “super committee” to “go big” and consider all options, including revenue increases, for reducing federal deficits.

The group, which includes five Democrats and five Republicans from New York, sent a letter Wednesday to the Joint Committee on Deficit Reduction asking members to consider up to $4 trillion in spending cuts and revenue raisers over the next 10 years. The committee’s minimum goal is to recommend $1.2 trillion in cuts by Nov. 18.”

To read more click here.

David Muir, Christine Brouwer and Maggy Patrick of ABC News report on abcnewsgo.com - “In the last decade, the U.S. lost out on 78 million overseas visitors — that’s $606 billion in spending — in stores, malls, tourist destinations right here in America. Enough to add nearly half a million jobs every year.

The State Department told ABC News that safety and security comes first, but acknowledged they’re working on the problem…

In the decade between 2000 and 2010, the number of foreign overseas tourists travelling the world grew by an astounding 60 million. You would think the numbers would grow in the United States as well, but they haven’t. Ten years ago 26 million overseas visitors visited the U.S. In 2010, 26.4 million, according to the U.S. Travel Association, a trade group. That’s hardly any growth at all.

Take a look at the numbers. The average Chinese tourist who visits America spends $6,243 while they’re here, according to the U.S. Travel Association. Visitors from India spend $6,131. Brazilian tourists coming to America spend $4,940.

To watch the video or read the rest of the story click here.

Kevin Bogardus and Bernie Becker of The Hill.com report, “Corporate tax reform is a stated goal of many business groups in Washington.” However, “for every tax break that would be washed away to lower the corporate rate, there is a pressure group in place to keep it alive. And with big money at stake - more than $100 billion per year is given to businesses in loopholes, credits and incentives - the influence industry will have to be brought along kicking and screaming for tax reform to happen.” The Hill notes, “Dorothy Coleman of the National Association of Manufacturers (NAM) said her group had several bedrock principles it wants to see out of corporate tax reform - including strengthened incentives for research and development, lower rates and the sort of territorial system for taxing offshore profits that Rep. Dave Camp (R-Mich.), the House Ways and Means Committee chairman, proposed last week.”

To read more click here.

In a press release, National Association of Manufacturers Senior Vice President for Policy and Government Relations Aric Newhouse issued a statement in support of passage of HR 674, legislation to repeal the provision that requires federal, state and local government agencies to withhold three percent of their payments to businesses for goods and services. “The House has the opportunity to halt the ill-advised 3 percent withholding requirement that threatens jobs, competitiveness and investment for manufacturers. By essentially forcing companies to make an interest-free loan to the government, this requirement would increase the cost of doing business for thousands of manufacturers, leading to the loss of much-needed cash flow for business operations and job creation at a time when it is important to put Americans back to work.” Newhouse said, “Permanent repeal of this provision will begin to restore confidence and certainty for manufacturers, which is critical for economic growth, job creation, and the ability to compete in the global marketplace. We urge all members of the House to vote to defend jobs and pass this bill. It’s critical to all manufacturers that we lift the tax burden from job creators so that they may invest in themselves and continue to lead the American economy.”