Rep. Sutton Votes To Invest In Infrastructure And Small Business To Save And Create Jobs

Press Release

Today, with support from Rep. Betty Sutton (D-OH), the House passed H.R. 4849, the Small Business and Infrastructure Jobs Act. This legislation will save and create jobs by spurring investment in local rebuilding projects, and help our small businesses grow, hire and continue to fuel our economy. This legislation passed the House by a 246-178 margin, is fully paid for, and:

- Includes an extension of the successful Build America Bonds to make it cheaper for state and local governments to finance the much-needed rebuilding of schools, sewers, hospitals and transit projects;

- Encourages private investment through the use of tax-exempt bonds for public purpose water infrastructure;

- Provides a 100 percent exclusion of small business capital gains to spur investments in small businesses;

- Increases the tax deduction for start-up expenditures to encourage the formation of new small businesses; and

- Includes additional jobs provisions that: Help create jobs by extending the Temporary Assistance for Needy Families (TANF) Emergency Fund; and save American jobs by cracking down on foreign tax haven corporations that are taking advantage of the U.S. tax treaty network to dodge U.S. taxes and gain an advantage over American companies that play by the rules.

"Facilitating job stability and growth is the highest of high priorities, and this legislation includes a private activity bond provision that will put people back to work, spur economic activity in our communities, and improve the nation's water infrastructure," Rep. Sutton said.

"This legislation will also extend the Emergency Contingency Fund for one year to save and create 160,000 jobs and allow states to continue providing assistance to families who have been hit the hardest by the economic downturn. The Emergency Contingency Fund will be critical to helping the state of Ohio meet the need for assistance by utilizing these funds to create and preserve jobs, and stimulate the economy. This legislation is part of a larger effort to put Americans back to work, strengthen our economy, and to provide families across the nation with the support they need," she said.

Source