Senate Jobs Bill Designed to Spur Immediate Job Growth in Nevada
February 12, 2010
Washington, DC – Nevada Senator Harry Reid yesterday introduced the first of many job creation bills as part of the U.S. Senate’s jobs agenda for 2010. Reid knows that too many Nevadans are having difficulty finding a job, which is why this first jobs bill is specifically focused on measures that will have an immediate effect on hiring in the state.
“The best way to spur job growth in Nevada is to lessen the tax burden on small businesses, making it easier for them to start hiring again,” Reid said. “We also need to continue investing in construction, transportation and infrastructure projects in Nevada. These projects will put Nevadans back to work this year while improving their quality of life in the process.”
The amendment Sen. Reid offered yesterday includes the following provisions:
- Job Creation Tax Exemption: Employers hiring a person in 2010 who had been unemployed for at least 60 days will be offered an exemption from Social Security payroll taxes. Additionally, for every employee retained for a full year, the employer will qualify for a $1,000 income tax credit on their 2011 tax return.
- Small Business Investment Expensing: This provision helps small businesses by allowing them to write off the costs of major purchases, freeing up capital that will allow them to grow.
- Highway Trust Fund Extension: This extension will protect and create jobs for Nevadans. It will protect jobs by extending existing highway programs, providing state and local entities with the sure footing they need to continue their work. And it will create jobs by making funding available for transportation and infrastructure projects in Nevada.
- Build America Bonds: Build America Bonds provide a low-cost way for state and local governments to fund job-creating projects such as work on courthouses, schools, roads, public safety buildings and public utilities. This provision makes existing Tax Credit Bonds for school construction and rehabilitation, renewable energy and energy conservation projects eligible for the Build America Bond benefits.
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