Washington, D.C. – U.S. Rep. Allyson Schwartz spoke on the House floor in support of bipartisan legislation today to create and save hundreds of thousands of jobs this year. The Hiring Incentives to Restore Employment (HIRE) Act passed by a vote of 70-28 in the Senate last week and is one in a series of measures Congress has passed to restore the American economy.

“As the nation begins to rebound, it is important to give Americans the tools they need to jump start job growth,” Schwartz said. “The legislation Congress passed today will help American families and businesses get back on their feet. It provides tax cuts to spur new investment by small businesses and allows for tens of billions of dollars in infrastructure investment.”

The HIRE Act will spur growth in small business investments by extending provisions included in the American Recovery and Reinvestment Act that Congress passed in 2009. These provisions double the amount small businesses can immediately write off their taxes for capital investments and purchases of new equipment made in 2010 from $125,000 to $250,000.  

The legislation also extends surface transportation programs to allow for billions more to be invested in infrastructure across the country; makes it easier for states to borrow for infrastructure projects, such as school construction and energy projects; and bolsters the Highway Trust Fund to support existing highway and transit programs.

As Vice Chair of the House Budget Committee, Schwartz is particularly pleased that the HIRE Act is fully paid for by cracking down on overseas tax havens. The legislation provides the U.S. Treasury Department with new tools to find and prosecute U.S. individuals that hide assets overseas from the IRS.

“This bill strikes the proper balance between ensuring that we get our country out of this economic crisis now by investing in businesses and infrastructure and ensuring that we restore fiscal responsibility in government,” Schwartz said.

The legislation will now go back to the Senate to be passed, as amended by the House, before going to the President’s desk for his signature.

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