The House has approved legislation to provide tax cuts to small businesses and extend the Build America Bonds program to spur job creation.
The House voted 246-178 to approve H.R. 4849, the Small Business and Infrastructure Tax Act. The legislation provides a 100 percent tax exclusion of small business capital gains, small business tax penalty relief, and an increase in the deduction for start-up expenditures.
The bill also extends the Build America Bonds program through 2013. The program is credited with helping build infrastructure by providing subsidies to state and local governments to sell taxable bonds instead of municipal debt.
In addition, the bill extends the Temporary Assistance for Needy Families Emergency Fund, which helps small businesses to rehire laid-off and low-income workers. The TANF Emergency Fund is being used in 35 states and is reportedly on track to put over 160,000 Americans back to work. The program would have otherwise expired on Sept. 30, and a number of states would have discontinued their job program between April and June.
The provisions in this bill not only extend the successful Build America Bonds program, which provides a vital resource for state and local governments to invest in infrastructure projects and create more jobs, but they also assist small businesses by spurring investment and helping them grow, said Ways and Means Committee Chairman Sander M. Levin, D-Mich., in a statement. Job creation remains this Congresss No. 1 priority, and I will continue to work with my colleagues on additional measures that will help American workers and businesses get back on their feet.
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