U.S. Rep. Nick Rahall (W.Va.) voted today to pass the Small Business and Infrastructure Jobs Tax Act (H.R. 4849) to create jobs and support small business in southern West Virginia.
"As Vice-Chairman of the House Committee on Transportation and Infrastructure, I am working to get more West Virginians working and that means helping small businesses," said Rahall. "Federal Bonds are great tools for state and local governments to finance much-needed infrastructure in our communities including water and wastewater, schools, hospitals and probably the fastest avenue for growth--transportation projects -- that create and sustain jobs."
Today the House passed the bipartisan Small Business and Infrastructure Jobs Tax Act (H.R. 4849), by a final vote of 233 - 187, a bill to create jobs--with bipartisan provisions to spur investment in local rebuilding projects and a range of bipartisan proposals to help our small businesses grow, hire and continue to fuel our economy.
The main provisions of the bill include an extension of the successful Build America Bonds (BABs) -- allowing states to continue to obtain much-needed funding, at lower borrowing costs, for new capital projects like the rebuilding of schools, sewers, hospitals and transit projects. West Virginia has taken advantage of the BAB's, extending one offering at $38 million.
The bill also increases the tax deduction for start-up expenditures to encourage the formation of new small businesses and extends the TANF Emergency Fund that is already on track to put over 160,000 Americans back to work. West Virginia was awarded $899,811 in December of 2009 and $3.8 million in January of 2010 for TANF Emergency Fund Applications for use in basic assistance, short term benefits, and subsidized employment for low-income parents and youth. Additionally, the USDA announced today that TANF funds for the first time can be used to assist families in the Summer Food Service Program. The Summer Food Service Program is managed by the USDA and was created to ensure that children in low-income areas can continue to receive nutritious meals during long school vacations when they do not have access to school meals. This legislation will save American jobs by cracking down on foreign tax haven corporations that are taking advantage of the U.S. tax treaty network to avoid U.S. taxes and gain an advantage over law-abiding American companies.
This jobs legislation is building on the bipartisan HIRE Act, which was signed into law earlier this month. The HIRE Act makes critical investments in highways; is estimated to create up to 300,000 jobs; and, includes tax incentives for businesses to hire out of work Americans and spur small business investments.