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(Washington D.C.)- Today the House of Representatives approved H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, by a vote of 246-178. The legislation would provide much-needed tax relief to small businesses, extend effective financing measures to create jobs and improve cities and towns, and extend the TANF Emergency Fund which is already on track to put over 160,000 Americans back to work.
“This legislation is another important step this Democratic Congress is taking to strengthen the American economy, assist small businesses and create jobs,” said Ways and Means Committee Chairman Sander M. Levin (D-MI). “The provisions in this bill not only extend the successful Build America Bonds program which provide a vital resource for State and local governments to invest in infrastructure projects and create more jobs, but they also assist small businesses by spurring investment and helping them grow. Job creation remains this Congress’ number one priority, and I will continue to work with my colleagues on additional measures that will help American workers and businesses get back on their feet.”
The Ways and Means Committee marked up H.R. 4849 on March 17, 2010, where the bill was ordered favorably reported to the House by a vote of 25-15. During that markup a number of Committee Members remarked on the effectiveness of the Build America Bonds (BABs) program, deemed to be one of the economic recovery efforts biggest successes to create jobs and fund important projects in nearly every state in the nation. A detailed description of BABs including a State-by-State listing of BABs issuances through February 1, 2010 can be found here.
The legislation also extends for one year the TANF Emergency Fund that 35 States are using or planning to use for a jobs program that subsidizes employers, including small businesses, who hire unemployed workers. This Fund is currently on track to put over 160,000 Americans back to work, and is needed so States and counties can continue their subsidized jobs programs and can continue to provide assistance to needy families. Without this much-needed extension the TANF Emergency Fund would have expired on September 30 and a number of States would have discontinued their job programs between April and June.
Highlights of the Small Business and Infrastructure Jobs Tax Act include:
• Extension of successful Build America Bonds
• 100 percent exclusion of small business capital gains
• Small business penalty relief
• Increase in deduction for start-up expenditures
• Extends the TANF Emergency Fund
Please click here for a comprehensive listing of resources related to H.R. 4849, including bill text, technical descriptions and revenue estimates from the Joint Committee on Taxation (JCT), as well as amendments offered during markup.
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