National Black Caucus of State Legislators (NBCSL)
( BLACK PR WIRE)( March 22, 2010) WASHINGTON--(BUSINESS WIRE)-- Representative Calvin Smyre (GA), President of the National Black Caucus of State Legislators, applauds the signing of the HIRE Act into law and issues the following statement.
The National Black Caucus of State Legislators wholeheartedly supports this new commitment to create job growth and lay the foundation for an economic recovery. The HIRE Act represents the first major job creation measure undertaken in over a year to combat the economic woes facing the country. The legislation includes a $17.6 billion package to incentivize the hiring of persons who have been unemployed for a period of 60 days. Specifically, the bill provides a payroll tax holiday that exempts employers from the 6.2 percent social security payroll contribution for employees hired in 2010. It also allows for a $1000 tax credit for each new employee retained for 52 weeks. Additionally, the legislation contains a measure to incentivize investments in new equipment by allowing a direct write-off for purchases up to $250,000.
The HIRE Act will also spur local development by revamping the municipal bond system to facilitate the raising of capital for public works projects such as the revamping of schools and clean energy projects. Infrastructure and mass transportation development programs will also receive an additional $20 billion to expedite much needed construction projects. The combined measures are estimated to generate some 250,000 new jobs over the course of a year.
Getting more people to work is a precondition for creating a climate of sustainable growth. The HIRE Acts targeted reforms are a step in the right direction to restore this nations communities and businesses to prosperity.
ABOUT THE NATIONAL BLACK CAUCUS OF STATE LEGISLATORS
The National Black Caucus of State Legislators (NBCSL) is a membership association representing more than 600 African American state legislators hailing from 42 states, the District of Columbia and the Virgin Islands. NBCSL members represent more than 50 million Americans of various racial backgrounds. NBCSL monitors federal and state activity and provides this information to its members through policy symposiums and conferences. Each year, NBCSL members pass policy resolutions that directly impact federal and state policy. The organization focuses on issues that directly impact US domestic policy and is committed to policies that positively affect all Americans.
Source: National Black Caucus of State Legislators (NBCSL)
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