Senator Reid Proposes Second “Jobs” Bill

Senate Majority Leader Harry Reid (D-Nev.) Wednesday proposed legislative language for a new package of tax extenders and long-term extensions of expiring laws as part of the Senate Democratic leadership's jobs creation agenda.  The "American Workers, State, and Business Relief Act" would extend nearly $30 billion in expired tax provisions through 2010, including several that could benefit the construction industry, such as the 15-year shortened cost recovery period for leasehold, retail, and restaurant improvements and restaurant new construction.  The measure would also include long sought after funding relief for multiemployer pension plans that would allow plans a longer 30-year amortization of investment losses incurred in 2008 and/or 2009.  Senator Reid plans to take up the bill as early as next week.