Bingaman & Udall: Bill Would Direct at Least $953 Million into New Mexico's Economy

Press Release

U.S. Senators Jeff Bingaman and Tom Udall today said there is at least $953 million for New Mexico in the Senate's version of the economic recovery package, which will be used to create good jobs in the state. The measure passed today 61-37, and must now be finalized with the version the House of Representatives passed.

"Nearly 600,000 Americans lost their jobs in January, offering further evidence that we are facing the most serious economic crisis in decades. We need to inject capital into the economy to create jobs and get people back to work," Bingaman said. "This bill will help New Mexico build roads, invest in drinking water projects and create incentives to expand the manufacture of renewable energy technology. We need to get an economic recovery package to the president right away."

"Today, we are facing the most severe economic crisis in generations with 600,000 jobs being lost last month alone," said Udall. "Economists from across the political spectrum are certain that the only way to prevent a deepening recession is to infuse our economy with capital now. While this is not the exact legislation I would have written, it is an important step to stabilizing our economy with substantial investments in long-term priorities like infrastructure and renewable energy while also cutting taxes. I am also proud that it includes my amendment to expand tax incentives to employers who hire post-9/11 veterans who have been discharged from the Armed Forces."

As a member of the Senate Finance Committee, Bingaman was able to include in the bill a tax credit that will allow companies, such as Schott, Advent Solar, Emcore and Nanopore, to write off 30 percent of the cost of investing in facilities to manufacture renewable energy technologies, like solar panels. He also was able to include a proposal to stimulate the demand for municipal bonds - and thus enable communities to obtain the financing they need to make infrastructure improvements - by allowing banks to acquire additional tax-exempt debt of up to $30 million, up from $10 million. This increase will make it possible for states and municipalities to borrow for school and road construction projects at a lower-interest rate at a time when capital is tight.

Udall won unanimous support for an amendment he wrote to expand tax incentives to employers who hire veterans who have served since September 2001. The initiative will apply to veterans who are discharged from the Armed Services from September 2001 through December 2010, and includes veterans of Operation Enduring Freedom and Operation Iraqi Freedom. Bureau of Labor Statistic reports that of those veterans who served in our military since September 2001, 6.1 percent were unemployed and the economy has only worsened. At the same time, the jobless rate for veterans of all eras combined was 3.8 percent in 2007.

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