Washington, D.C. —- Today, Rep. Bob Etheridge, the only North Carolina-member of the House Ways and Means Committee voted to support more than one million new jobs, spur private sector hiring, and help rebuild our crumbling infrastructure.
The bi-partisan Hiring Incentives to Restore Employment (HIRE) Act, or H.R. 2847, passed by a vote of 217-201 and is part of ongoing Congressional efforts to create jobs and strengthen our economy.
“My number one priority is putting North Carolinians back to work,” Etheridge said. “The HIRE Act will support more than one million new jobs this year, and encourage more businesses to take that next step to come off the sidelines and add employees.”
The centerpiece of the HIRE Act is a hiring tax credit, similar to that proposed in Etheridge’s HIRING Act, H.R. 4437. The bill will spur business investment by putting labor on sale for a limited time, helping small businesses expand. The bill provides a payroll tax holiday to businesses that hire unemployed workers that is estimated to support 300,000 jobs, and encourages employers to keep those workers long-term with a tax credit of $1,000 for businesses that retain these employees.
The HIRE Act also includes another Etheridge proposal to support local school construction, building on the tax credit Qualified School Construction Bonds that were included in the American Recovery and Reinvestment Act. The HIRE Act would allow issuers of qualified school construction bonds to receive a direct payment from the Federal government equal to the amount of the federal tax credit. This modification will help North Carolina’s schools access nearly $500 million in school construction bonds to address our student’s needs and support more than 15,000 jobs in North Carolina.
“This change is a win-win for North Carolina, making sure our communities are building for the next generation and putting workers on the job now,” said Etheridge. “This simple fix expands access to credit for state and local governments, and creates jobs by building the new schools we need.”