Legislation would spur job creation, close loopholes to keep jobs in the U.S.

WASHINGTON DC –Ways and Means Committee Chairman Sander M. Levin (D-MI) today introduced H.R. 5893, the Investing in American Jobs and Closing Tax Loopholes Act of 2010.  By closing loopholes that encourage companies to ship jobs overseas, the legislation would spur job creation here in the U.S. by extending successful Recovery Act provisions including the Build America Bonds program to fund domestic infrastructure improvements and the Emergency Fund for Job Creation and Assistance program to help States immediately support job programs.

“This legislation reaffirms our commitment to creating jobs in America and closing loopholes that encourage companies to ship jobs and investments overseas,” said Ways and Means Committee Chairman Sander M. Levin (D-MI).  “It is about moving forward to create opportunities for Americans in America using job-creating programs such as the Build America Bonds, which have a proven track record of successful job creation and benefit to our communities.  Experts have deemed these bonds, which helped support nearly two million jobs, to be one of the most successful recovery efforts in place.  Republican and Democratic governors alike have praised these programs and have also called for an immediate extension of the Emergency Fund for Job Creation program. 

“We have made this proposal clear and simple so that Republicans have an opportunity to join us in promoting U.S. jobs and stopping outsourcing,” said Chairman Levin.

Highlights of the Investing in American Jobs and Closing Tax Loopholes Act of 2010:

• Closes loopholes that encourage companies to ship jobs overseas.

• Extends the Build America Bonds program for two years. Since its inception in 2009, the Build America Bonds program has helped finance more than $106 billion in domestic infrastructure improvements and supported more than 1.9 million jobs nationwide.

• Extends for one year the Emergency Fund for Job Creation and Assistance program which currently helps States meet increased need for assistance among low-income families and establish or expand jobs programs.  It is estimated that the program has helped create hundreds of thousands of jobs in States across the country.  Click here for additional information.

• Does not increase the deficit.

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