Congresswoman Shelley Berkley today cosponsored two new bills that will help create more jobs in Nevada and across the nation by investing in clean energy and providing small businesses with new tools to expand and hire.
"Putting Nevadans back to work is my number one priority and that's why I'm proud to cosponsor these two bills that aim to create jobs in Nevada and across our nation. While some in Washington work to protect corporations that ship our jobs overseas, I'm working with my colleagues to pass legislation that invests in clean energy jobs and provides small businesses the tools they need to expand and hire employees," said Berkley.
The Wind Powering American Jobs Act would extend through 2013 the production tax credit for wind energy manufacturers, a highly successful measure with strong bipartisan support that expires at the end of the year. The Hire Now Act would provide a 10 percent income tax credit for employer payroll increases this year, an identical measure to one included in the Small Business Jobs and Tax Relief Act of 2012, which will soon be acted on in the Senate. Both measures would be paid for by ending unjustified tax breaks for the Big Five oil and gas companies, which earned a combined $32 billion in profits during the first three months of 2012 alone. Both bills will be referred to the House Ways and Means Committee where Berkley serves as a Member.
Summary of the Wind Powering American Jobs Act:
The Wind Powering American Jobs Act would extend the Production Tax Credit through 2013, providing a 2.2-cent-a-kilowatt-hour credit for electricity produced by wind turbines, biomass, geothermal and landfill-gas plants. Under the measure, wind project developers can still choose to receive a 30 percent investment tax credit instead of the Production Tax Credit. The production tax credit, established in 1992, has helped lead to tremendous growth within the wind energy industry. The extension is paid for by repealing dual capacity taxpayer benefits for the Big Five integrated oil companies, which continue to reap record profits.
Summary of the Hire Now Act:
The Hire Now Act would provide a 10 percent income tax credit for firms that create new jobs or increase wages in 2012. Under the legislation a firm can increase its payroll by either hiring additional workers or raising the salary of existing workers. The credit is targeted to middle class jobs and wages and because the credit is based on Social Security wages, companies would receive no credit for wages above $110,100. It would be paid for by repealing Last In, First Out (LIFO) and Intangible Drilling Costs (IDCs) for the Big Five integrated oil companies.