SHAHEEN: HIRE ACT AN IMPORTANT STEP FOR JOB CREATION

February 24, 2010

(Washington, D.C.) - U.S. Senator Jeanne Shaheen today applauded passage of the Hiring Incentives to Restore Employment (HIRE) Act, legislation that will help businesses create and save jobs, while supporting critical investments in America's aging infrastructure.  The bill passed with bipartisan support, 70-28. 

"The Senate took an important step in helping the private sector create jobs by passing the HIRE Act with bipartisan support," said Shaheen.  "While the economy has begun to show signs of recovery, millions of Americans and countless small businesses continue to struggle.  I am committed to getting Americans back to work and increasing access to credit for small businesses and I will be working to make sure that the Senate continues to take action to achieve these goals."

"Creating good jobs and retaining them is a critical component toward the economic recovery of this country," said Tara G. Reardon, Commissioner of New Hampshire Employment Security.  "The jobs bill contains real incentives for employers to add workers and improve the lives of those who have been without work for more than 60 days.  As the Commissioner of New Hampshire Employment Security, I am committed to the pursuit of solutions that ease the burden of unemployment and promote the re-employment of our citizens."

The bill's provisions are:

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    • A payroll tax holiday for businesses that hire unemployed workers;
    • A tax break for small businesses purchasing machinery and equipment (Section 179 Expensing);
    • An extension of the Highway Trust Fund enabling states and municipalities to move forward with road and bridge projects; and
    • An expansion of the Build America Bonds program to allow states and municipalities to borrow for infrastructure projects at a lower cost for taxpayers.

The Hire Act is fully paid for, in part by cracking down on offshore tax abuses, and will provide much needed assistance for New Hampshire as it continues to grapple with a seven percent unemployment rate.  The provisions will take effect immediately upon enactment of the legislation.  The bill will now go to the House.       

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