Stupak Attends Signing Of Targeted Jobs Bill

Press Release

Legislation marking another step forward for job creation was signed into law Thursday at a White House Rose Garden ceremony. U.S. Congressman Bart Stupak (D-Menominee), a vocal proponent of further action by Congress and the Obama administration on the issue of job creation, attended the ceremony as an invited guest of President Obama.

H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act, is aimed at providing further incentives needed for businesses to put Americans to work. The bill is one piece of a multi-pronged jobs agenda moving through Congress.

"Democrats and Republicans in Congress came together to pass the HIRE Act, which provides funding for road projects, payroll tax incentives and new construction bonds to help businesses put more Americans back to work," Stupak said. "I was honored to join President Obama as he signed this bill into law."

Businesses will be eligible for an exemption from Social Security payroll taxes of up to $6,621 for every worker hired in 2010 who has been unemployed for at least 60 days, with an additional $1,000 income tax credit for every new worker retained for 52 weeks. Small businesses will also be able to immediately write off on their taxes capital investments and purchases of new equipment made in 2010, with the eligible amount doubled from $125,000 to $250,000.

The bill also provides school construction bonds and an extension of federal highway programs through the end of 2010 to ensure road projects can move forward this year. It is estimated that every $1 billion in federal funding for road construction creates 34,700 jobs in construction and construction-related manufacturing fields.

"Government does not directly create jobs but can provide the incentives for businesses to do so," Stupak said. "All across northern Michigan our economic recovery will be driven by the ability of small businesses to hire and retain workers. I look forward to continue working with Democrats as well as Republicans in Congress to put our nation on a path toward economic growth."

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