Congresswoman Mazie K. Hirono (D-Hawaii) this week voted to create American jobs by investing in small businesses and rebuilding our aging infrastructure. H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, provides nearly $16.8 billion in tax incentives aimed at boosting small businesses' ability to secure capital while encouraging state and local governments to issue bonds to help fund infrastructure projects. The House passed the bill by a vote of 246 yeas to 178 nays.
"This legislation builds on the momentum created by the Recovery Act," said Congresswoman Hirono. "This level of investment will generate even more small business and construction jobs in Hawaii, similar to those created on Molokai, in Hilo, and on Oahu's windward side."
Today in Hawaii, the American Recovery and Reinvestment Act (Recovery Act) has supported, among other projects, a $17 million bridge replacement in Punaluu, a $5.3 million dollar federal building renovation in Hilo, and a $3.5 million highway resurfacing project on Molokai. The largest infrastructure project funded by the Recovery Act, the $35 million Ane Keohokalole Highway in Kona, will break ground next week.
The Small Business and Infrastructure Jobs Tax Act will help spur private sector investment and hiring. It excludes capital gains for those who invest in small businesses, providing those companies new capital needed to grow. It also offers new resources to make it easier for entrepreneurs to start a new business and extends for one year an emergency fund to help Hawaii and other states continue operating jobs programs for low-income families.
"Small businesses in Hawaii hire close to 60 percent of all private jobs in the islands. This bill will create an environment that helps these companies to grow and, ultimately, hire new workers," said Congresswoman Hirono.
H.R. 4849 now goes to the U.S. Senate for consideration.