The HIRE Act is a bipartisan bill to create and save hundreds of thousands of jobs this year. It is a $17.6 billion measure that includes:
• A payroll tax holiday for businesses that hire unemployed workers, to create some 300,000 jobs and an income tax credit of $1,000 for businesses that retain these employees
• Tax cuts to help small businesses expand and hire more workers
• Extension of the Highway Trust Fund allowing for tens of billions of dollars for infrastructure investment
• Provisions – modeled after the Build America Bonds program – to make it easier for states to borrow for infrastructure projects, such as school construction and energy projects
“This bill is about getting America back to work,” said Ellison. “During the Great Depression, when Americans were facing massive unemployment, our policymakers responded with programs to put Americans to work that brought us out of worst economic crisis in American history.
Ellison also has authored legislation last year to help local governments and create one million new jobs. His legislation was incorporated in the Local Jobs for America Act introduced by Education and Labor Committee Chairman George Miller last week.
“I am proud to be a part of passing legislation that lifts up the American worker. The HIRE Act is not perfect, but it is a down payment towards creating jobs, strengthening the economic recovery, and rebuilding our communities for the long term. It is a great beginning that will do much to put Americans back to work. I intend to work tirelessly until every American is making a living wage with job security and benefits, and our economy is on the move again,” Ellison concluded.