No Excuses Jobs Agenda

Ways and Means Committee Democrats have introduced a package of jobs bills within their No Excuses agenda to encourage Congressional Republicans to finally act to spur job growth. The Ways and Means Republicans continue to sit on these bipartisan jobs bills that they once agreed would help create jobs and spur growth. Instead they've chosen to put politics ahead of the economy and the American people. There are #NoExcuses for inaction.

No Excuses Legislation:

H.R. 5974: Invest in America Now Act of 2012

The Invest in America Now Act, H.R. 5974, extends 100 percent bonus depreciation through 2012. Bonus depreciation is a bipartisan provision that, before it expired at the end of 2011, gave businesses an incentive to make major capital investments now by allowing them to write off the entire cost of a major purchase in the year it is made rather than depreciate those expenses over many years. It benefits over two million businesses. The Treasury Department estimated when bonus depreciation was originally expanded to 100 percent in 2010 that it could support up to $50 billion in new investment. The Invest in America Now Act would offset the cost of this incentive by repealing the Section 199 manufacturing deduction for the Big Five oil and gas companies.

H.R. 6030: Hire Now Act of 2012

The Hire Now Act would provide a 10 percent income tax credit for firms that create new jobs or increase wages in 2012. Under the legislation a firm can increase its payroll by either hiring additional workers or raising the salary of existing workers. The credit is targeted to middle class jobs and wages and because the credit is based on Social Security wages, companies would receive no credit for wages above $110,100. It would be paid for by repealing LIFO and Intangible Drilling Costs (IDCs) for the Big Five integrated oil companies.

H.R. 6031: Wind Powering American Jobs Act of 2012

The Wind Powering American Jobs Act would extend the Production Tax Credit through 2013, providing a 2.2-cent-a-kilowatt-hour credit for electricity produced by wind turbines. Under the measure, wind project developers could continue to choose to instead receive a 30 percent investment tax credit. The Production Tax Credit, established in 1992, has helped lead to tremendous growth within the windy energy industry. The extension is paid for by repealing dual capacity taxpayer benefits for the Big Five integrated oil companies, which continue to reap record profits.

H.R. 6109: Investing in American Innovation Act of 2012

The Investing in American Innovation Act of 2012 is the fourth in a series of measures introduced by Ways and Means Committee Democrats as part of the No Excuses agenda to encourage Republicans to finally act on measures to spur job growth.  The R&D Tax Credit – a 20 percent credit for certain research expenditures -- expired at the end of 2011, despite its proven effectiveness and broad bipartisan support. The legislation, the Investing in American Innovation Act of 2012, would provide an incentive to companies to invest in research at the level that is most beneficial for the overall economy. In 2009, the last year for which data is available, more than 12,000 firms claimed the R&D Credits related to nearly $100 billion in qualified research expenses. The measure is paid for by limiting treaty shopping and ending the special depreciation for corporate jets.

H.R. 6152: The Bring Jobs Home Act

The Bring Jobs Home Act provides a 20 percent tax credit for businesses that “insource” jobs back to the United States and is paid for by closing tax loopholes for companies that “outsource” jobs overseas and treat distributions of debt securities in a tax-free spin-off transaction in the same manner as distributions of cash or other property.

H.R.6182: American Advanced Energy Manufacturing Jobs Act of 2012

This bill extends and expands the 48C Advanced Energy Manufacturing Tax Credit.  It will uncap the credit for certain advanced manufacturing -- solar, fuel cell, battery – and provide a $3 billion capped credit for other manufacturing. This tax credit program will help increase US clean energy manufacturing projects and expand manufacturing capacity to supply the world with US made parts and equipment. More manufacturing facilities will also support significant growth in exports of US manufactured clean energy products.

H.R.6206: Build America Bonds Act of 2012

The Build America Bonds (BABs) program was created in 2009 by the American Recovery and Reinvestment Act and expired at the end of 2010.  This bill restores BABs and makes them permanent.  For 2012, the subsidy rate for the bonds is set at 32 percent.  The subsidy rate is reduced by one percentage point each year until it reaches a permanent rate of 28 percent in 2016.  BABs spur job creation and unleash private-sector investments by helping state and local governments finance infrastructure projects – building schools, hospitals, transit systems, and water systems.

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