The Senate yesterday passed the JOBS bill conference report, or the Jumpstart Our Business Strength bill, by a vote of 69-17.  The final version of the JOBS bill passed the House on October 7 by a vote of 280-141.  With the approval of both houses, the bill now awaits the President’s signature.   

The $137 billion JOBS bill will lift tariffs that were placed on U.S. farmers and manufacturers by the World Trade Organization on March 1, 2003.  Since then, the tariffs have been raised 1% per month, reaching 11%.  They could have gone as high as 17% in March of 2005. 

“At a time when U.S. jobs are heading overseas at a record pace, and amidst increased sanctions on our manufacturers and producers from other countries, it’s imperative that we do all we can to provide our businesses a climate to operate successfully,” Lincoln said.  “In this ever-changing global economy, our businesses must have the necessary incentives to compete both at home and abroad.  I was pleased to work to pass this much-needed legislation.” 

“This bill says to our manufacturers that the jobs and economic boost they provide to our nation are jobs worth keeping here,” Pryor said.  “There’s more work to be done, but I am particularly thrilled that this bill includes real tax relief to help farmers and small businesses who play such an important economic role in our state.”  

“I firmly believe, given a level playing field, our farmers and manufacturers can succeed in a global economy," Berry said.  “This bill, in a fiscally responsible manner, provides the incentives to promote job growth here at home instead of encouraging businesses to locate overseas.”

 “Something had to be done, and while this bill could have been better, I believe it solves the problem,” said Snyder. 

“I am so pleased to see legislation pass that includes tax relief for farmers, timber and small businesses that are such an integral part of the state and national economy," said Ross.  “Not only does this bill ease their burden, it also provides incentives to manufacturers in an effort to prevent a rise of dislocated workers in the state.  Arkansas' economy has been damaged by the number of manufacturing jobs relocating overseas, and providing incentives to those who keep our jobs here at home will keep hard-working men and women out of the unemployment line.”

The JOBS bill will provide a new tax regime for domestic companies which is in compliance with WTO guidelines.