Bill Also Ensures Seniors Will Not Lose Access to Their Doctor
Congresswoman Dina Titus of Nevada's Third District voted today in support of a measure that creates and saves jobs while extending unemployment benefits for Nevadans, ends tax loopholes for companies that ship jobs overseas, and prevents drastic cuts to doctors who treat Medicare patients.
"With unemployment in Nevada at a record high, it is critical that we provide some relief by extending unemployment benefits for those who are struggling to find work," Congresswoman Titus said. "More importantly, we must create an environment that will foster economic growth and allow our small businesses to prosper and create jobs. Through tax credits and greater access to credit, this bill will help Nevada's small businesses get back on their feet and again become engines of economic growth."
"Among the many tax breaks in this bill that will benefit Nevadans, one is of particular importance. Nevadans will again be able to deduct state and local sales taxes on their federal returns, saving them money at a time when every dollar counts," Titus continued.
H.R. 4213, the American Jobs and Closing Tax Loopholes Act, will help create and save jobs by restoring credit to small businesses, extending tax incentives for research and development, and financing infrastructure projects that support jobs nationwide. In addition, the bill provides tax relief for middle-class families in the form of property tax relief, state and local sales tax deductions, and college tuition deductions. By extending emergency unemployment programs through November 20, 2010, the bill also prevents 1.2 million Americans from losing their benefits.
"For too long, big businesses have benefited from tax loopholes that encourage them to ship jobs overseas to avoid paying taxes. By closing these loopholes, we will keep these jobs here at home and put Nevadans back to work," added Titus.
The legislation eliminates tax provisions that enable companies to operate offshore with essentially little or no tax liability and encourage them to ship American jobs overseas. Finally, the bill prevents a 21 percent cut in Medicare physician payments that is scheduled to occur under the Sustainable Growth Rate formula.
"By preventing drastic cuts to physician payments, the passage of today's legislation is an important step to ensure that Nevada's seniors continue to have access to the doctor they trust," Titus concluded.