- Congressional Update
- March 22, 2010
- Law Firm: Adams and Reese LLP - New Orleans Office
On Thursday, the House passed HR 2847, the Hiring Incentives to Restore Unemployment Act more commonly known as the Jobs Bill. The key component of the Jobs bill is a $17.6 billion package that would provide payroll tax relief for businesses that hire unemployed workers. The cost: $13 billion over 10 years.
The legislation, now back in the hands of the Senate, has new amendments generated by the House that will offset the costs of the package by delaying the revenue-raising provision for three years rather than two years. In addition, the House amendment postpones until 2021, the new rule allowing multinational business to change the way they allocate interest income.
The Jobs Bill also includes an extension of the Highway Trust Fund authorizing appropriations to be distributed at FY 2009 levels to highway, mass transit and safety road programs through December 31, 2010. The extension also provides contract authority for the covered programs and extends the authority to spend money from the Highway Trust Fund. The House added an amendment to this portion of the bill that directs 10% of the funding for certain surface transportation programs to disadvantaged small businesses. The Build America Bonds program and expense deductions for small businesses would also extended by the Jobs Bill.
The Senate is currently finishing work on HR 4213, the Tax Extenders Act of 2009 delaying any further action on the Jobs Bill.