Stabenow, hatch, Schumer, Snowe, Brown Introduce Bipartisan American Job Creation And Investment Act
Today, U.S. Sens. Debbie Stabenow (D-Mich.), Orrin Hatch (R-Utah), Charles Schumer (D-N.Y.), Olympia Snowe (R-Maine), and Sherrod Brown (D-Ohio) introduced bipartisan legislation that will make much-needed capital available to struggling American companies. The American Job Creation and Investment Act will allow companies to utilize existing AMT credits so they can invest in new manufacturing facilities and create American jobs.
"Our businesses need immediate assistance to create American jobs and make new investments here at home," said Senator Stabenow. "The American Job Creation and Investment Act will allow U.S. companies to do both at no real cost to American taxpayers. This proposal is precisely the type of jobs bill that will help people on Main Street. I will work with my colleagues to see that it is passed in Senate."
"Many capital-intensive companies have been paying the corporate alternative minimum (AMT) tax for years," said Senator Hatch. "This proposal will allow these firms to use these pre-payments to retain employees or invest in new employees, plants and equipment. This will help spur economic growth, which we desperately need."
"This proposal will help our manufacturing sector emerge more quickly from the recession, and empower companies to put more Americans back to work," said Senator Schumer. "This is a smart, bipartisan proposal that is cost-effective and deserves quick passage."
"For far too long, the corporate AMT has stifled the growth of domestic employers. In particular it raises corporate taxes during economic downturns and denies the ability to deduct capital investments," said Senator Snowe. "With a simple update to the tax code, this common sense initiative ensures manufacturers can utilize tax credits they have previously earned in order to reinvest in new plant and equipment purchases, keep more workers on payroll, and stay afloat during these troubling economic times."
"We need to work alongside manufacturers and small businesses to create jobs," said Senator Brown. "The manufacturing industry helped build our middle class, but too many manufacturers struggle to access capital -- limiting their ability to expand operations and hire new workers. This bill would allow our manufacturers to compete in the 21st century economy while putting Americans back to work."
The American Job Creation and Investment Act will allow companies in 2010 and 2011 to utilize existing credits to put people back to work and provide a boost to the economy. In order to be eligible, companies must use the credits to make investments in manufacturing facilities/equipment or create new jobs. The total amount of credits that can be utilized will be based on a percentage of qualifying wages or a percentage of new investments.
The American Job Creation and Investment Act is estimated to save and create over 230,000 American jobs and provide an additional $43 billion in capital investment in the United States over the next two years. The legislation has the support of a diverse coalition of U.S. employers including American Airlines, Applied Micro Devices, Arch Coal, Associated Builders and Contractors Association, Bosch, Cliffs Natural Resources, CMS Energy, Consul Energy, Delta Airlines, Daimler, General Motors, Goodyear, Micron, National Mining Association, Owens Illinois, Peabody Energy, Qwest, T-Mobile, and Xerox.