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First Congressional District of New Mexico
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ask.heather@mail.house.gov

In Washington DC
442 Cannon House
Office Building
Washington, DC
20515
202-225-6316 Phone
202-225-4975 Fax
In Albuquerque
20 First Plaza NW
Suite 603
Albuquerque, NM
87102
505-346-6781 Phone
505-346-6723 Fax

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Congresswoman Heather Wilson, First Congressional District of New Mexico


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Wilson Applauds Senate Passage of Economic Security Bill March 08, 2002
 
Bill provides relief to New Mexico’s workers and businesses


Albuquerque, NM-Congresswoman Heather Wilson today praised the Senate for passing legislation that will promote economic growth and create jobs as well as help those who have lost their jobs get unemployment benefits. The bill, which passed the House of Representatives yesterday by a vote of 417 to 3 is lauded as a bipartisan triumph in providing relief to America’s workers.

“Now that now that the economy is already showing signs of recovery, I am glad that the Senate has finally approved legislation to help our nation’s workers,” said Wilson. “This bill will help create jobs and provide relief for those who lost their jobs during the recent Terrorist Recession.”

The bill includes several provisions that will help businesses create jobs such as accelerated depreciation that help small businesses afford to keep employees on the payroll. Accelerated depreciation allows a business owner to deduct a greater portion of the cost of depreciable property in the first years after purchase, rather than spreading the cost evenly over the life of the asset. This bill would raise those limits so that a small business looking at buying equipment, going and doing some construction, or expanding their computer setup, can do so and be able to grow the business.
The bill also includes a three-year accelerated depreciation on business purchases and a five-year "carryback" for net operating losses including a waiver from certain alternative minimum tax provisions that sunsets after two years.

Workers who have been laid off and their families will benefit from increased unemployment assistance grants to states. Unemployment insurance will be extended an additional 13 weeks for those who have exhausted their benefits, and health care coverage will be expanded.

The bill will now be sent to the President for his signature.



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