Today the Senate passed the bipartisan HIRE Act by a 68-29 vote. Through investments in our nation’s infrastructure and small business tax cuts to hire workers, this fully paid-for bill has the potential to create or save one million jobs this year. The $18 billion dollar measure includes four key provisions aimed at job creation, including:
- A tax credit for employers who hire employees this year;
- An extension of the highway bill to find job-creating transportation projects across the country;
- A provision allowing small businesses to write off the cost of major purchases; and
- Build America Bonds, which provide a much-needed funding mechanism for projects such as work on courthouses, schools, roads and public safety buildings.
Despite strong progress on their jobs agenda, Democrats believe passing this jobs bill is just one effort of many to come to improve our economy. "This is just the first, certainly not the last, piece of legislation that we will put forward in relation to jobs, "said Sen. Charles Schumer. "If we don’t create jobs, the economy will not move forward."