President Barack Obama last week signed into law the Hiring Incentives to Restore Employment (HIRE) Act, H.R. 2847. Congresswoman Nydia M. Velázquez (D-NY-12), who chairs the U.S. House Committee on Small Business, hailed the new law for investing in small business and helping them fuel economic growth. The HIRE Act was approved in the U.S. House of Representatives by a vote of 217-201, and passed the Senate by a vote of 68-29.
"This initiative is an important step toward creating the jobs that New Yorkers need. With New York City's unemployment rate above the national average, many of our neighbors want nothing more than to get back to work," Velázquez said.
Included in the new law are provisions to:
* Encourage employers to start hiring now by making available an additional $1,000 income tax credit for hiring previously unemployed workers.
* Provide businesses that hire workers who have been unemployed for at least two months an exemption from the Social Security payroll tax.
* Spur job creation by making it easier for state and local governments to finance infrastructure projects such as school construction and clean energy development.
* Save up to 1 million jobs alone by strengthening the Highway Trust Fund to allow for tens of billions of dollars in transit and highway investment.
"Small businesses fuel this country's economic engine. The HIRE Act will help entrepreneurs do what they do best, create jobs and revitalize communities. " Velázquez said.