Congressman Joe Baca (D-Rialto) today joined a majority in the House of Representatives in supporting legislation that will put more Americans back to work and fuel economic growth. H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, includes bipartisan provisions to spur investment in local rebuilding projects and to help small business grow. The bill was approved by a 246 - 178 vote.
"Creating jobs and getting Americans back to work remains our number one priority in these tough economic times," said Rep. Baca. "The Recovery Act has already saved and created over 2 million jobs, and the recently enacted health insurance reform is expected to create 4 million new jobs over the next decade. Today's legislation builds on these initiatives, creating new jobs through additional investments in infrastructure projects and new tax incentives to encourage small businesses to grow and hire more workers."
H.R. 4849 includes $20 billion in new investments that are fully paid for by cracking down on foreign tax haven corporations that take advantage of the U.S. tax treaty network in order to dodge American taxes. Key provisions of the Small Business and Infrastructure Jobs Tax Act include:
* An extension of Build America Bonds (BABs), which make it easier for state and local governments to finance the rebuilding of schools, sewers, hospitals and transit projects;
* 100% tax exclusion of small business capital gains to spur new investments in small business;
* An increase in the tax deduction for start-up expenditures to encourage the formation of new small businesses; and
* An extension of TANF Emergency funding that is already on track to put over 160,000 Americans back to work.
"As a former business owner myself, I know the small business community is the backbone of the American economy," concluded Rep. Baca. "I am proud to support this responsible bill, which finally holds foreign tax haven corporations accountable to American laws, and uses this new revenue to create new job opportunities through small business and infrastructure investments."