WASHINGTON, D.C. - The House Committee on Ways and Means today approved H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, legislation to provide tax relief to small businesses and extend effective financing measures to create jobs and improve America’s cities and towns.
“Each one of us knows the acute pain and job loss this recession has brought to our communities back home," said Ways and Means Committee Chairman Sander M. Levin (D-MI). “This bill is another step to address the critical, overarching need to help our economy recover and resume positive job growth. By assisting small businesses and continuing effective financing mechanisms for State and local governments, we can spur job growth and make vital improvements to our communities. We must continue to take active and effective steps to address the number one priority of American families, creating new job opportunities."
During consideration of the bill, a number of Committee Members highlighted the effective use of Build America Bonds (BABs), a program many have deemed one of the economic recovery efforts’ biggest successes, to create jobs and fund important projects in nearly every state in the nation. A detailed description of BABs including a State-by-State listing of BABs issuances through Feb. 1, 2010 can be found here.
The House is expected to consider the legislation as early as next week.
Highlights of the Small Business and Infrastructure Jobs Tax Act include:
· Extension of successful Build America Bonds
· 100 percent exclusion of small business capital gains
· Small business penalty relief
· Increase in deduction for start-up expenditures
Please click here for a comprehensive listing of resourcess related to H.R. 4849, including bill text, technical descriptions and revenue estimates from the Joint Committee on Taxation (JCT), as well as amendments offered during markup.
