Today, Rep. Frank Pallone (NJ-06) announced the bipartisan Hiring Incentives to Restore Employment (HIRE) Act was signed into law by the president. The HIRE Act will create hundreds of thousands of new small business and construction jobs this year, spur private sector hiring, and help rebuild our crumbling infrastructure. It is part of a larger Congressional agenda to create jobs and strengthen our economy.
"My number one priority is putting New Jerseyans back to work," said Pallone. "This legislation will help us create thousands of much needed jobs in New Jersey this year."
The HIRE Act includes 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. It also includes tax cuts to help small businesses invest, expand, and hire more workers, provisions to make it easier for states to take up infrastructure projects such as school construction and energy retrofitting, and an extension of the Highway Trust Fund that allows for billions of dollars in infrastructure development around the country and saves American jobs.
"This builds on the Recovery Act and the ongoing efforts of Congress to create jobs and put our economy on sound footing for the future," said Pallone. "I will continue to fight for measures like this that will put Americans back to work this year."
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.