The United States Senate voted, 70-28, today (Wednesday, 2/24)to pass Senator Harry Reid’s (D-Nev.) Jobs Bill. The $85 billion bipartisan jobs proposal was negotiated by the Finance Committee chairman, Max Baucus, D-Mont., and the committee’s top Republican, Charles E. Grassley of Iowa. The Reid bill includes four elements aimed at spurring job creation: payroll tax relief for businesses that hire new workers; extensions of the Highway Trust Fund; the “Build America” bond program; and expense deductions for small businesses. Reid believes the narrower package will allow him to sidestep more controversial elements of the Baucus-Grassley proposal, and quickly pass it. NH&RA will be discussing the “Build America” bond program and how it can be used in conjunction with affordable housing at our Annual Meeting March 10-13 at the Ritz-Carlton South Beach in Miami Beach as well as at our Spring Underwriting Forum April 7-8 at the Intercontinental Hotel in New Orleans.
Senator Reid has also indicated that the Senate will consider separate legislation as soon as this week that would extend dozens of tax provisions that lapsed December 31. At present, details of the package are not available but could include items from the original Baucus-Grassley proposal including an extension of the Tax Credit Exchange Program, New Markets Tax Credit ad GO Zone Historic Tax Credit benefits
