Lawmakers approved the Small Business and Infrastructure Jobs Act on Wednesday, a bill that will create thousands of jobs in New Jersey and build on the progress of the bipartisan HIRE Act which was just signed into law by the president.
The legislation will spur job creation by providing tax incentives for businesses to hire out of work Americans, and by funding infrastructure projects.
"Getting New Jerseyans back to work has been and will continue to be my number one priority," said U.S. Representative Frank Pallone (NJ-06). "The Recovery Act and the HIRE Act have created a significant amount of jobs and the measure that passed today will continue to create jobs and strengthen our economy."
Small businesses benefit the most through provisions that encourage people to invest in small businesses, and allow entrepreneurs to deduct up to $20,000 in start-up expenditures.
Build America Bonds funded in the legislation, which have been called a major success of the recovery efforts, will make it cheaper for state and local governments to finance the rebuilding of schools, sewers, hospitals and transit projects.
"Jobs that fix and create infrastructure in New Jersey are always a good investment because they put people back to work and make much-needed improvements in our communities."
Congress has recently passed other significant job creation bills; the Recovery Act has created approximately two million jobs to date, the recently signed HIRE Act will create an estimated 300,000 jobs and health insurance reform will create an estimated four million jobs over the next 10 years.