Katie Grant, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after Ways and Means Committee Democrats introduced the Invest in America Now Act, which extends the 100 percent bonus depreciation through 2012. This is the first in the series of “No Excuses” bills to promote economic growth that Ways and Means Committee Democrats plan to introduce before August:
“I commend Democrats on the Ways and Means Committee, led by Ranking Member Sandy Levin and joined by Budget Committee Ranking Member Chris Van Hollen, for introducing the Invest in America Now Act. This important legislation extends the bipartisan 100% bonus depreciation deduction that provides businesses with an incentive to invest in new equipment and growing their capacity, which will help create jobs. This extension is paid for by eliminating an unnecessary tax break for the largest oil and gas companies, which have been making record profits.
“The bill introduced today is just the first in a series of bills that Ways and Means Democrats will be rolling out this summer that have bipartisan support and could be passed and sent to the President without delay. These bills will show that Republicans have no more excuses to delay work on legislation that will grow our economy, provide greater certainty for businesses, and help create jobs for Americans that won’t be shipped overseas. I urge Republicans to stop wasting time on partisan message bills, and work with us on these bills and on the Make It In America plan to grow the economy and get more Americans back to work.”