Kerry Pushes to Include Key Provisions in Economic Recovery Plan
Press Release
Kerry Pushes to Include Key Provisions in Economic Recovery Plan
Senator John Kerry (D - Mass.), a senior member of the Senate Finance Committee, is urging his colleagues to support several key provisions to aid struggling families and businesses as the Committee prepares to mark up the American Recovery and Reinvestment Act of 2009 tomorrow.
"Putting America back to work and fixing our economy is job number one," said Senator John Kerry. "Families are struggling to make ends meet while businesses can't access credit, leading to declines in job creation and innovation. I look forward to working with Chairman Baucus and the members of the Finance Committee to come up with the best plan to get our economy up and running."
Kerry authored or previously introduced the following provisions in the American Recovery and Reinvestment Act of 2009:
· Two reforms to the Earned Income Tax Credit (EITC) that will decrease the penalty for married couples and increase the tax credit for families with three or more children.
· A provision to exempt private activity bonds from the Alternative Minimum Tax (AMT) based on S. 138, legislation authored by Kerry.
· Kerry's "Invest in Small Business Act," which increases the 50 percent capital gains exclusion to 75 percent for investment in small businesses.
· Kerry played an integral role in the inclusion of energy tax provision increases to include a long term extension of provisions that benefit renewable energy projects and promote conservation.
· An education tax credit similar to the credit in Senator Kerry's "College Opportunity Tax Credit Act of 2009," which helps students and parents afford all four years of college. The provision would create a $2,500 higher education tax credit that is available for the first four years of college.
· A provision introduced by Senators Kerry and Snowe (R - ME) to expand the Industrial Development Bond (IDB) program to high-technology and biotechnology uses. The small-issue IDB program has given state and local governments a low-cost source of financing to create and retain jobs in manufacturing plants.
· A plan introduced by Senators Kerry and Schumer (D - N.Y.) to provide $730 million to stimulate lending to small businesses.
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