Senator Ted Kaufman (D-Del.) released the following statement Feb. 24 after the Senate passed the Hiring Incentives to Restore Employment Act (HIRE) with bipartisan support, 70-28:
“Plain and simple — there will be more new jobs in America because of this bill. It’s a much-needed boost that will help businesses, in Delaware and across the country, hire more workers and get the economy back on its feet. The jobs situation in our country is intolerable. My No. 1 priority has been, and will continue to be, moving an effective jobs agenda forward in the Senate and putting America back to work.”
The HIRE Act :
Creates new tax cuts for small businesses to hire new workers
• The HIRE Act includes a new payroll tax exemption to employers that begin hiring unemployed workers today. This provision will provide businesses with an exemption from Social Security payroll taxes they owe for every worker hired in 2010 who has been unemployed for at least 60 days.
Provides tax cuts for small businesses that make new investments
• The HIRE Act will enhance the write-off that small businesses can take for purchases of certain equipment, which will help small business entrepreneurs make the investments they need to grow and hire more workers. The HIRE Act would extend a provision in the American Recovery and Reinvestment Act (ARRA) that allows small businesses to immediately deduct up to $250,000 of qualifying investments.
Extends important transportation programs
• The HIRE Act will provide an extension of the nation’s surface transportation programs through Dec. 31, 2010. This extension will provide state and local governments with the certainty they need to make decisions on capital-intensive projects and allow for billions more to be invested in infrastructure throughout the United States. It includes a transfer of approximately $20 billion from the General Treasury and places it into the Highway Trust Fund, which is estimated to run short of funds in June.
Expands the Build America Bonds program
• The HIRE Act will expand upon the Build America Bond model, which allows state and local governments to borrow at lower costs in order to pursue necessary capital projects. These projects include work on public buildings, courthouses, schools, roads, and transportation infrastructure, creating good-paying jobs.
