Today, Representative Marcia L. Fudge (OH-11) voted for the American Jobs and Closing Tax Loopholes Act (H.R.4213), which passed the US House of Representatives. This wide ranging jobs measure closes tax loopholes for investment bankers and companies outsourcing jobs, without raising the deficit.
"Certain companies have sent jobs overseas from Ohio, and have been rewarded for doing so. I'm proud that this Act stops that practice, and encourages employers to keep their jobs American," said Rep. Fudge. "This Act rewards the folks making long term investments in our future: Ohio's schoolteachers, college students, and small businesses."
She added, "Ohio will receive over $42 million to employ youth in our summer jobs program. As the temperatures go up, so do gas prices and light bills; this presents an opportunity for our young people to help their families make ends meet."
In Ohio, the bill will:
* Extend unemployment and COBRA benefits through November for 86,100 workers;
* Provide college tuition tax deductions for 153,122 students;
* Reduce taxes for 128,896 school teachers, and
* Allocate $42,118,883 for youth summer jobs in high unemployment areas.
Nationally, the bill will:
* Provide $500 million to restore the credit flow to small business;
* Provide up to 30 million homeowners with property tax relief;
* Extend the R&D Tax Credit to incentivize good jobs here in America and invent the technology that will power the global economy;
* Grant $25 billion in bonds for infrastructure investment in economically distressed areas, and
* Provide funding to pay for the settlement of Pigford case, compensating black farmers who were discriminated against by the USDA.
A full summary of the bill's provisions are available on the Speaker's Web site.