Congresswoman Dina Titus of Nevada's Third District voted today in support of H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, the latest action by the House to create jobs and strengthen the economy. The bill passed with bipartisan support by a vote of 246 to 178.
"Creating jobs in Nevada is one of my top priorities, and this legislation is the next step in my efforts to put people back to work," Congresswoman Titus said. "It will spur investment in local infrastructure projects while strengthening small businesses through a number of tax relief provisions. Already Nevada has taken advantage of Build America Bonds to finance $1.2 billion in investments including $210 million for highway improvements in Clark County. The extension of these bonds combined with the availability of Recovery Zone bonds that can go toward job training, education, and economic development will provide a much needed boost to our region."
The bipartisan Small Business and Infrastructure Jobs Tax Act, which invests $20 billion, is fully paid for and includes an extension of Build America Bonds that make it easier for state and local governments to finance important infrastructure projects such as the rebuilding of schools, sewers, hospitals, and transit projects. The bill also extends Recovery Zone bonds for economically distressed areas and ensures that areas with high unemployment like Southern Nevada receive a share of these bonds.
In an effort to spur investments in small businesses, the bill includes a 100 percent exclusion of small business capital gains and provides relief from penalties that were disproportionately affecting small businesses. Entrepreneurs will be able to deduct up to $20,000 in start-up expenditures for the creation of a business, up from $5,000, a proposal that Congresswoman Titus has cosponsored.