Today, Congressman John T. Salazar helped pass H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act, a bipartisan bill to create and save hundreds of thousands of jobs this year through tax breaks for small businesses:
o A payroll tax break for businesses that hire unemployed workers and an income tax credit of $1,000 for businesses that retain these employees
o Tax cuts to spur new investment by small businesses to help them expand and hire more workers
o Provisions -- modeled after the Build America Bonds program -- to make it easier for states to borrow for infrastructure projects, such as school construction and energy projects
"Passing this measure now is critical to getting more Americans back to work soon and restoring confidence that the Congress can work together to take action to get our economy back on track," said Congressman Salazar.
This bipartisan job creation measure passed by a vote of 70-28 in the Senate last week, and is one in a series of measures this Congress will take to restore the American economy. The House changed the bill to make sure it was fully paid for and meets all pay-go requirements. Now, over 10 years, the bill is fully paid for, while it makes key investments in business and infrastructure to help get us out of this economic crisis and create much needed American jobs.