Congressman Phil Hare (D-IL) today voted in favor of the American Jobs and Closing Tax Loopholes Act which would create jobs, provide assistance to people in need, and protect Illinois highway funds.
The bill extends unemployment insurance until November 30, 2010. It extends the National Flood Insurance Program and key tax credits for Illinois clean energy producers through the end of 2010.
The bill saves taxpayer dollars by ending subsidies for corporations to ship our jobs overseas, requiring Wall Street investment fund billionaires to pay their fair share of taxes, and ensuring BP meets its responsibility for the Gulf of Mexico oil spill.
The bill invests directly in our local economies and small businesses through several key provisions: extending a small business lending program that makes credit more affordable and available, providing resources to support over 350,000 summer jobs for youth ages 14 to 24, and investing in the incredibly successful Build America Bonds program which helps local and state governments finance infrastructure projects and put people to work.
Finally, an agreement was reached so that all current Illinois highway funds are protected. A provision in the original legislation would have cost Illinois $118 million. But language was added to ensure the state can keep these critical resources.
"We are finally starting to see some positive momentum in the job market," Hare said. "This bill builds on that success with even more job creating policies. But it also recognizes that with many Americans still looking for work, a long term extension of unemployment insurance is necessary. I am pleased this bill also includes two important provisions for our farmers in Illinois. An extension of the National Flood Insurance Program will give families who live along the Mississippi River important protection from future disasters. In addition, our clean energy producers that make biodiesel and ethanol will continue to receive a tax credit."
"We pay for much of this by ceasing to reward multinational corporations for shipping American jobs overseas," Hare said. "This ludicrous policy combined with several unfair trade deals has battered the manufacturing base in my district. It is time to stand up for American workers again."
"Finally, I could not have supported this legislation if it paid for these important priorities by dipping into Illinois transportation funds," Hare concluded. "With our state in debt, we desperately need that money to modernize our infrastructure and keep construction workers on the job."