Washington, DC - Washington, DC – Today, Congressman John D. Dingell (D-MI15) is voicing his support for House amendments to H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act, a bipartisan bill to create and save hundreds of thousands of jobs this year. These amendments are additions to the measure that passed by a vote of 70-28 in the Senate last week. The House is making some modest changes, including: ensuring the bill is fully paid for, ensuring that small businesses can take advantage of the payroll tax holiday, increasing the bond subsidy for cash-strapped states, and continuing requirements ensuring that a portion of the highway and transit funding goes to minority-owned businesses. The House passed the bill, 216-200.
Among other things, the legislation includes an extension to provisions in the Recovery Act which double the amount small businesses can immediately write off their taxes for capital investments and purchases of new equipment made from $125,000 to $250,000 and increase the phase out of this write off from $500,000 to $800,000. The HIRE Act would extend these temporary increases for capital expenditures incurred in 2010.
Said Dingell, “Many small business owners in my district have asked me whether the small business expensing and capital investment provisions included in the Recovery Act would be extended. Happily, with the passage of the HIRE Act, we are doing just that. As small businesses continue to struggle with finding access to capital, this tax write off will provide relief to small businesses so that they can make the investments they need to grow and hire additional workers.”
“The HIRE Act also includes a long-term extension of the surface transportation bill through December 31, allowing our states to plan and move forward on projects that are shovel-ready. With spring construction season upon us, the $77 billion included in this bill for surface transportation projects will ensure good-paying jobs are created quickly. For every $1 billion in federal funds that are invested in transportation projects, 34,700 jobs are created. I intend to work closely with DOT to ensure some of these jobs are created in Michigan where road improvement and new employment are desperately needed by our families.”
# # #
