Jobs Legislation- Recent Action

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JOBS LEGISLATION – RECENT ACTION

(as of April 20, 2010)

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ENACTED INTO LAW

HIRING INCENTIVES TO RESTORE EMPLOYMENT (HIRE) ACT, a bipartisan bill to create 300,000 jobs with tax incentives for businesses that hire unemployed Americans, unleash tens of billions of dollars to rebuild our infrastructure, and strengthen small businesses with tax credits and accelerated write-offs so they can expand and hire.  Cost:  $17.5 billion, fully paid for (Signed into Law March 18, 2010)

 

CONTINUING EXTENSION ACT, extending for two months emergency unemployment benefits and help with health insurance for people who have lost their jobs through no fault of their own, as well as Medicare payments to physicians, satellite TV reception to customers without other TV options, flood insurance, and small business loans.  Unemployment benefits are extended through June 2 with the rest through May 31.  Cost:  $18 billion in emergency spending (Signed into law April 15, 2010, after Senate Republicans blocked for three weeks)

 

PASSED BY HOUSE AND SENATE

AMERICAN WORKERS, STATE, AND BUSINESS RELIEF ACT, a package of tax incentives to spur business innovation and tax cuts for families with kids headed to college and disaster relief for states, combined with economy-boosting unemployment benefits and health care for Americans hit by the recession. Cost:  $128 billion with the $30 billion in tax extenders paid for and $98 billion in emergency aid (H.R. 4213 passed House 12/9/2009 by a vote of 241-181 and Senate amended 3/10 by a vote of 62-36; House and Senate are working on an agreement focusing on replacing the current pay fors that were used in health insurance bill)

 

IN THE SENATE – PASSED BY HOUSE

SMALL BUSINESS AND INFRASTRUCTURE JOBS TAX ACT, extends the successful Build America Bonds to help finance the rebuilding of schools, hospitals, roads, bridges, and rail lines; targets tax incentives to spur investment in small businesses and for entrepreneurs looking to start a new business; and extends aid to States to provide subsidies to employers, including small businesses, who hire unemployed workers that is on-track to put over 160,000 Americans back to work.  Cost:  $20 billion, fully paid for (H.R.4849 passed House 3/24 by a vote of 246-178)

 

DISASTER RELIEF AND SUMMER JOBS ACT, provides disaster-stricken communities with aid to rebuild their homes, infrastructure and local economies, adds approximately 300,000 summer jobs opportunities for young people, and extends Recovery Act provisions to make small business loans more available. Cost: $660 million for summer jobs & small businesses, paid for/$5.1 billion in emergency disaster aid (H.R. 4899 passed House 3/24 by a vote of 239-175, 1 Present)

 

JOBS FOR MAIN STREET ACT, to create and save jobs with targeted investments to boost small business, to rebuild highways and transit, and to hire and retain teachers, police, and firefighters; paid for by redirecting TARP funds from Wall Street to Main Street; with emergency aid for the unemployed.  Cost:  $154 billion -- $75 billion for small business, highways, and public service jobs paid for with TARP/$79 billion in emergency aid (H.R. 2847 passed House 12/16/09 by a vote of 217-212)

 

WHAT’S NEXT

This spring, Congress will also likely consider legislation to spur lending for small businesses so they can expand and hire, make American homes more energy efficient creating jobs and saving families money, and strengthen innovation to unleash American productivity in the new industries of the 21st Century.