Today, the House passed the Hiring Incentives to Restore Employment Act, legislation to help Americans get back to work, with a bipartisan vote of 217-201. Even as we continue to see signs of economic recovery and job creation – due in part to actions taken by Democrats over the past year – job losses are still too high and there is still more work to be done. That is why job creation will continue to be a top priority of the Democratic Congress.
The Hiring Incentives to Restore Employment Act includes the following provisions to ensure that employers have the resources to continue creating new jobs and saving the jobs of millions of Americans:
- Payroll Tax Exemption – Encourages businesses to hire new employees by offering a tax break for the creation of new jobs.
- Section 179 Expensing – Helps small businesses grow by offering them a tax break when they buy new equipment.
- Highway Trust Fund Extension – Extends existing highway programs to provide states and local governments with the certainty they need to make decisions on projects. This allows for continued and increased investments in infrastructure throughout the country and saves one million jobs.
- Expanding Build America Bonds – Allows state and local governments to borrow at lower costs to finance more infrastructure projects that create jobs for Americans.
In addition, the House-passed bill includes some slight changes to the Senate legislation, including:
- Fixes to ensure that it adheres to the House PAYGO rule, as well as the PAYGO statute, and
- Guarantees that states direct some of their transportation investments to minority-owned contractors.
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