Business Journal: Senate Sends Business Tax-Break Bill to Obama; Coloradans Vote Yes

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By Mark Harden

Both of Colorado's senators voted Wednesday to give final approval to an $18 billion jobs bill that includes tax breaks for businesses that hire unemployed workers.

Sens. Michael Bennet and Mark Udall, both D-Colo., joined the 68-29 majority that sent the measure to the desk of President Barack Obama for his expected signature.

"Nothing is more important right now than putting Americans back to work and cutting taxes for small businesses that create jobs," Bennet said in a statement. "The bill we passed today is good for Colorado -- it gives our small businesses the tax relief they need to invest in their companies, grow and create new jobs for Coloradans."

Sen. Ben Nelson, D-Neb., was the sole Democrat to oppose the package in Wednesday's final vote; 11 Republicans joined the remaining Democrats and two independents in voting yes.

Under H.R. 2847, the "Hiring Incentives to Restore Employment Act," businesses get a break from paying Social Security taxes for the rest of this year on any new workers they hire who had been unemployed for 60 days or more, The Washington Post reports.

Employers also get a $1,000 tax credit for each of those newly hired workers who stay on their payroll for a year or more.

In addition, the bill puts $20 billion into the federal highway trust fund, extends a tax break allowing companies to write off equipment purchases, and expands the "Build America Bonds" program, which helps states and local governments pay for infrastructure improvements, the Washington Post reported.

Some foes of the bill said it would do more to boost the federal deficit than to put Americans back to work. But supporters of the legislation said they expect the measure to lead to the creation of hundreds of thousands of new jobs nationwide.

Wednesday's vote was the latest of several on the bill as it was amended by the two chambers of Congress.

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