U.S. Representative Martin Heinrich commends President Obama for signing the bipartisan Hiring Incentives to Restore Employment (HIRE) Act (Public Law No: 111-147) into law. The HIRE Act will create hundreds of thousands of new small business and construction jobs this year, spur private sector hiring, and help rebuild our nation's infrastructure.
"New Mexicans who remain out of work need our help," said Rep. Heinrich. "The HIRE Act will give small business owners who are looking to expand their payrolls the incentives to do so. This is a positive step toward rebuilding our economy, but it's not enough. I will not rest until everyone who wants a job in central New Mexico can get one."
The HIRE Act as signed by the President includes a number of amendments made by the House that ensure the bill is fully paid for, that small businesses can take advantage of the payroll tax exemption, and continue requirements ensuring that a portion of the highway and transit funding goes to minority-owned businesses.
The HIRE Act includes a payroll tax holiday for businesses that hire unemployed workers, to create some 300,000 jobs, and an income tax credit of $1,000 for businesses that retain these employees. It also includes tax cuts to help small businesses invest, expand, and hire more workers; provisions to make it easier for states to take up infrastructure projects such as school construction and energy retrofitting; and an extension of the Highway Trust Fund that allows for billions of dollars in infrastructure development around the country and saves American jobs.