By a vote of 70-28, the Senate today passed the long-awaited "jobs" legislation with thirteen Republican votes. The bill extends the federal highway program, includes payroll tax breaks, and allows public bodies to convert tax credit bonds to Build America Bonds.
Earlier in the week, the Senate voted to allow debate on the bill to proceed. The vote was largely along party lines with five Republican senators joining 58 Democrats in support: Bond (Mo.), Brown (Mass.), Collins (Maine), Snowe (Maine), Voinovich (Ohio). Senator Nelson (Neb.) was the lone Democrat voting against.
AGC sent numerous alerts in support of the legislation and members across the country responded by urging their senators to support cloture. AGC followed up with visits and correspondence to senators, and by sending a Key Vote alert today pointing out the high importance the construction industry placed on today's vote.
The bill contains the following provisions:
- Extends highway program authorization through December 31, 2010 at current funding levels.
- Provides additional revenue to keep the Highway Trust Fund solvent through the first quarter of 2011. Restores highway spending authority that was cut on September 30, 2009 due to a budget rescission in SAFETEA-LU.
- Allow public bodies to convert tax credit bonds to Build America Bonds.
- Exempts workers hired in 2010 that have been unemployed for at least 60 days from Social Security payroll taxes.
- Extends 2008 and 2009 section 179 expensing thresholds so that taxpayers may elect to write-off up to $250,000 of certain capital expenditures in 2010 in lieu of depreciating those costs over time.