This was a vote on passage of legislation providing small businesses with tax incentives intended to spur job creation. The job creation bill also expanded the "Build America Bond program," which provides subsidies to state and local governments for bonds intended for infrastructure projects. Current law provides subsidies for bonds issued prior to January 1, 2011. This bill extended the subsidy program to bonds issued prior to April 1, 2013. H.R. 4849 also increased taxes on U.S. subsidiaries of foreign corporations employing American workers.
House Majority Leader Steny Hoyer (D-MD) urged passage of the bill: "This bill expands the successful Build America bonds and Recovery Zone bonds, which helps State and local governments fund needed projects and put people to work….This bill also contains provisions to help small business innovate and grow....Americans all over our country will have stronger incentives to open the books of new businesses…For Democrats, job creation is our single-most important job….This bill carries that work forward, and I believe it will provide significant relief to the Americans who are still feeling the recession's harsh effects."
Rep. Sander Levin (D-MI), the chairman of the committee that drafted the bill, said: "This, indeed, is a jobs bill. It's a continuation of the work in this Congress by some of us to spur job creation to recover from the 8.4 million jobs lost in this recession and to improve the quality of life in our communities. The cornerstone, indeed, of this package is an extension of the Build America Bonds program. It's been an effective tool in job creation. It's been a vital resource for State and local governments looking to advance infrastructure programs."
Rep. Dave Camp (R-MI) argued the bill would raise taxes and hurt American workers: "Under this bill, American jobs will be taxed….There's never a good time to raise taxes on employers and American workers, but given the continued weakness in the economy, now may be the worst time. Data from the Department of Labor confirms that 48 states have lost jobs since the Democrats' stimulus bill passed, 3.3 million jobs have been eliminated since the Democrat stimulus bill passed, and a record 16 million Americans are out of work."
Rep. Kevin Brady (R-TX) argued the bill illustrated the Democrats' failure to create jobs: "Another week, another stimulus. This ministimulus, the third or fourth such effort--I've lost count--is more proof of the failed economic policies of Washington Democrats and an acknowledgment that the massive $860 billion stimulus bill has fallen far short of its debt-driven, wastefully spent promises to revive America's recovery. From a jobs standpoint for small business, this bill does next to nothing. In fact, by increasing taxes on global companies that invest and create jobs here in America, this bill may actually kill more jobs than it creates."
The House passed the job creation bill by a vote of 246-178. 242 Democrats and 4 Republicans voted "yea." 171 Republicans and 7 Democrats voted "nay." As a result, the House passed legislation providing small businesses with tax incentives intended to spur job creation and expanding a bond program for infrastructure projects, and increasing taxes on U.S. subsidiaries of foreign corporations.