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Berkley Says Yes To Ways And Means Job Incentives Package

Press Release

Location: Washington, DC

Congresswoman Shelley Berkley today voted in favor of the Small Business and Infrastructure Jobs Act of 2010 (H.R. 4849). The new package, approved 246-178, will promote job creation and economic growth in Nevada and nationwide.

"This legislation is another strong step toward economic recovery for Nevada communities like Las Vegas and others across our nation. The provisions in this bill will spur the creation and growth of small businesses, and help state and local governments make critical, job-creating infrastructure investments that are essential to long term economic recovery," said Berkley.

The legislation, which Berkley helped author as a Member of the Ways and Means Committee, extends the ability for local governments and the State of Nevada to utilize Build America and Recovery Zone Bonds to fund infrastructure projects that will spur employment.

"Both "Build America' and "Recovery Zone' Bonds provide a low cost means for local entities like Clark County to borrow for roads, schools, airport improvements and other critical needs that are important to quality of life in the Valley," said Berkley. "These bonds have been used to fund hundreds of millions of dollars in investments at McCarran International Airport, upgrades to water and sewer systems by the Las Vegas Valley Water Authority and highway and transit improvements around Clark County."

Extension of the Recovery Zone Bond program under an adjusted formula will make Southern Nevada eligible for yet another source of financing for infrastructure projects that will spur economic growth and job creation.

"The extension of the "Recovery Zone' Bond program will provide yet another way to obtain financing for infrastructure projects that will spur economic growth in areas of the country, like Las Vegas, with some of the highest unemployment rates," Berkley said.

Berkley also highlighted the package's benefit to small businesses, including incentives to promote employment.

"As a member of the Ways and Means Committee, I continue to support legislation that will create new opportunities, stimulate investment in Las Vegas and help entrepreneurs. The investments this legislation makes in infrastructure and small businesses are critical to continuing our economic recovery and putting Nevadans back to work," said Berkley.


Highlights of H.R. 4849, the Small Business and Infrastructure Jobs Tax Act:

Build America Bonds. Extends Build America Bonds through 2013. These bonds have been an effective tool in job creation and a vital resource for state and local governments seeking to invest in schools, sewers, hospitals and transit projects.

Recovery Zone Bonds. Extends Recovery Zone Bonds for economically distressed areas through 2011 and provides more of them to ensure that all areas nationwide with high unemployment receive a minimum number of these bonds (based on their share of national unemployment). These Recovery bonds, targeted to areas with significant poverty, unemployment or home foreclosures, can be used to invest in infrastructure, job training, education, and economic development.

TANF Emergency Fund Extension to Help Create Jobs. Helps to create jobs by extending for one year an emergency fund that 35 states are using or planning to use for a jobs program that subsidizes employers, including small businesses, who hire unemployed workers. This fund is currently on track to put over 160,000 Americans back to work, with more to come if extended, and is supported by the National Governors Association, the National Conference of State Legislatures, and the National Association of Counties.

Exempt New Markets Tax Credit from AMT. Exempts the New Markets Tax Credit (NMTC), which leverages federal tax credits to encourage significant investment in low-income communities, from the Alternative Minimum Tax. This will encourage more investors to make investments in low-income communities.

Spur Investment in Small Businesses. Increases the capital gains tax cut for those who invest in small businesses this year. The bill would exclude 100% of capital gain income for stock in small business purchased from March 15, 2010 to January 1, 2011. This will spur new investments in small business with new capital they need to grow and hire more workers.

Small Business Penalty Relief. Fixes a tax shelter disclosure penalty (Section 6707A) that has had a disproportionate effect on small businesses. Endorsed by the Small Business Council of America, the bill makes penalties for failing to disclose on their taxes reportable transactions proportionate to the underlying tax savings for small businesses. Some of these businesses were assessed tax penalties as high as $300,000 per year for receiving a tax benefit of as little as $15,000 from the unreported transaction. This bipartisan provision passed the Senate unanimously on February 9, 2010.

Increase in deduction for business start-up expenditures. Entrepreneurs can deduct up to $20,000 (up from $5,000 in current law) in start-up expenditures in connection with investigating the creation of a business (but not capital or equipment), and more businesses could get the maximum deduction. By allowing entrepreneurs to recover a greater portion of their start-up expenses, the proposal would assist small business owners in overcoming these barriers so they too can focus on hiring new workers and growing their business.

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