U.S. Senator Robert Menendez (D-NJ) today hailed the final passage of the HIRE Act -- the first piece to the Democrats' Jobs Agenda. This legislation, which passed the Senate by a 68-29 vote, will provide tax incentives to businesses that hire and tax relief for small businesses that purchase major equipment, and will support major local infrastructure projects. It will now be signed into law by President Obama.
"This first piece of our Jobs Agenda brings the type of tax relief and incentives that small businesses and local governments need to create jobs and ease their budget strains," said Menendez. "It targets sectors where jobs can be created quickly -- small businesses and local infrastructure construction -- and it does so in a way that is cost-effective to taxpayers. We understand the economic concerns that families throughout New Jersey and the nation are saddled with, and this is only the beginning of the job-creation legislation that we intend to champion this the year."
The bill focuses on measures that would create jobs quickly and garner bipartisan support, including:
* Payroll tax holiday for businesses to encourage hiring
* Tax relief for major equipment purchases to help small businesses expand
* Extension of the Highway Trust Fund allows for billions in infrastructure investment and save one million jobs
* Expansion of Build America Bonds program to allow states to borrow more for infrastructure projects
Bill is paid for by:
* Foreign Account Tax Compliance Act
* 3 year delay in implementation of worldwide interest allocation