Jobs bill is one of several that will make it easier for businesses to begin hiring new workers
March 18, 2010
Washington, D.C.— Nevada Senator Harry Reid today joined President Barack Obama at the White House as he signed into law the HIRE Act. This bill joins the Travel Promotion Act as the first in a series of job-creating bills to become law this year. Other bills being worked on to help put Nevadans back to work include: the American Workers, State and Business Relief Act, which Reid led to passage in the Senate last week; and the FAA Reauthorization bill, which will create jobs while making air travel safer. Looking ahead, the Senate will soon begin working on a jobs bill aimed at strengthening small businesses.
“The Economic Recovery Act was the first step taken to help our economy get back on track. It ended the economic free fall, prevented a worldwide depression, and laid the groundwork for the stability that is needed to create jobs this year,” Reid said. “As I looked over the President’s shoulder today as he signed the HIRE Act into law, my thoughts focused on the work ahead and the need to remain focused on making it easier for Nevada businesses to hire again. The bills we are working on now will build on the HIRE Act and help put more people back to work.”
The Travel Promotion Act uses the LVCVA’s model for marketing Las Vegas around the globe as a tourist destination and applies it to the whole country. By promoting the U.S. as a tourist destination and boosting the number of visitors from foreign countries, we will increase tourism in Nevada and help put people back to work.
The American Workers, State and Business Relief Act, which Reid led to passage in the Senate last week, extends relief for those still searching for work. It also renews vital tax credits that start ups, clean energy companies, and Nevada small businesses need to advance research and development and create jobs on new ventures.
The FAA Reauthorization bill improves safety of air travel, spurs American innovation and creates tens of thousands of new jobs in safety, technology and service positions. Investing in better technology for air traffic control systems creates a safer, more efficient system for air travel that will help the beleaguered airlines recover and deliver more travelers to Nevada’s tourist destinations.
The HIRE Act, which the President signed into law today, does the following:
- Jobs 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.