Congressman Higgins voted to approve the Small Business and Infrastructure Jobs Act

Today, Congressman Brian Higgins (NY-27) voted with his colleagues in the House of Representatives to pass HR 4849, the Small Business and Infrastructure Jobs Tax Act of 2010, a series of legislative measures aimed at creating jobs and strengthening our Economy.

“As we continue to put our economy on the road to recovery, it’s more important than ever that we reinvest in our local infrastructure and small businesses – the backbone of our community,” said Congressman Higgins, a member of the Roads and Highways Committee. Means Central Economic Development Committee. “With this legislation, we’re taking another step toward putting our friends and neighbors back to work and restoring our nation’s economic strength.”

Building on the momentum from the bipartisan HIRE Act that the President recently signed into law, the Small Business and Infrastructure Jobs Tax Act leverages tax incentives and bipartisan proposals to help our small businesses grow, develop, hire and stimulate our economy.

Key points of the Small Business and Infrastructure Tax Act include:

  • Improving the New Market Tax Credit to encourage greater investment and more investors in low-income communities
  • A successful U.S. bond extension through March 1, 2010 that funded more than $78 billion nationwide and $6.54 billion for New York State.
  • An extension of Recovery Zone Bonds to ensure that areas with high poverty, high unemployment or homelessness receive their fair share of critical investments in infrastructure, job training, education and economic development.
  • Exclusion of 100 percent of small business capital gains, which allows new investments in small businesses to grow with new capital and hire more employees.
  • Fix on Small Business Penalty Relief approved by the American Small Business Association.
  • Increasing the deduction for start-up costs so that small business owners can overcome these barriers and focus on hiring new employees and growing their business.
  • Congressman Higgins Collaborates with State Volume Exclusion of Water and Wastewater Free Utility Bonds to Encourage Water and Wastewater Infrastructure Projects

Please click on the American Small Business Council

This bill now moves to the Senate for consideration and approval.

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