Senator Feinstein Statement on Senate Passage of Jobs Bill
U.S. Senator Dianne Feinstein (D-Calif.) today praised the Senate's bipartisan passage of a $15 billion jobs bill. The legislation passed on a 70 to 28 vote, with 13 Republicans joining 55 Democrats. It now goes to the House of Representatives.
"This jobs bill is a positive step forward and welcome news for California, where the unemployment rate is 12.4 percent and more than 2.25 million Californians out of work," Senator Feinstein said.
"It was passed with Republican support, and I'm hopeful that this is a sign of a new bipartisanship in the Senate on one of the greatest issues facing the nation. I look forward to working with my Senate colleagues -- Democrats and Republicans -- to pass more legislation that puts Americans back to work."
The legislation would:
* Eliminate Social Security payroll taxes for employers that hire new workers this year. An additional $1,000 tax credit would be available for those employers that retain workers for a year.
* Allow small businesses to deduct up to $250,000 of the cost of equipment and new asset purchases this year. This extends the Section 179 Expensing provision of last year's stimulus.
* Expand the successful Build America Bonds program to help state and local governments secure critical financing for infrastructure and other projects.
* Extend the Federal Highway Trust Fund to support infrastructure projects throughout the country.