Today, with support from Rep. Betty Sutton (D-OH), the House passed H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act. This legislation will save and create jobs, spur hiring and help rebuild our crumbling infrastructure. The HIRE Act, which passed the House by a 217-201 margin, is fully paid for, increases the bond subsidy for cash-strapped states, and continues requirements ensuring that a portion of the highway and transit funding goes to minority-owned businesses. Passage of the bill remains subject to a full vote of the Senate, as well as a signature by President Obama.
"Far too many Americans remain unemployed through no fault of their own," Rep. Sutton said. "My highest of high priorities is to put Ohioans back to work in a way that gives middle-class families a chance to succeed. The HIRE Act is part of a larger effort to put Americans back to work, strengthen our economy, and to ensure that our workers have the opportunity to provide for themselves and their families."
Provisions of the HIRE Act include:
- A payroll tax holiday for businesses that hire unemployed workers, to create some 300,000 jobs and an income tax credit of $1,000 for businesses that retain these employees;
- Tax cuts to spur new investment by small businesses to help them invest, expand and hire more workers;
- Extension of the Highway Trust Fund allowing for billions of dollars in infrastructure investment and development across the nation; and
- 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.
The Congressional Budget Office reported that the Recovery Act has saved or created more than 2 million jobs, and according to the nonpartisan Center on Budget and Policy Priorities, the Recovery Act is `keeping more than 6 million Americans out of poverty and reducing the severity of poverty for 33 million more.' The House also passed the comprehensive Jobs for Main Street Act in December to make targeted investments in areas that will grow our economy over the long term - including highways, public transit, construction, small businesses, job training, and hiring and retaining teachers, police officers, and firefighters.