The Senate voted Wednesday to debate the "Bring Jobs Home Act" in the next couple of days.
The same legislation was filibustered by Republicans back in 2012.
Senator Merkley was an original co-sponsor of the bill in part because manufacturing is a key part of Oregon's economy.
"Indeed manufacturing is a huge driver of Oregon's economy. In the last few years, it's the first or second state with the largest share of our economy that relies on manufacturing. This catches a lot of people off guard. So this is a big deal to us."
The bill will create a new tax credit for companies that spend money to bring overseas jobs back home, while eliminating tax deductions for companies that move jobs abroad.