Senate Majority Leader Harry Reid has announced that he will push jobs legislation that will not include several tax credit extenders included in a draft bill previously circulated by Senators Max Baucus (D-Mont.) and Charles Grassley (R-Neb.), Chairman and Ranking Member of the Senate Finance Committee have released a draft Jobs Bill.
Senator Reid’s bill will include components of the Baucus/Grassley legislation including the establishment of a new jobs tax credit, an expansion of the Build America Bonds program to include several existing tax credit bond programs, an extension of the highway trust fund and related construction programs, and an increases expense deductions for small businesses. Majority Leader Reid’s bill will not include several expiring programs, including the Housing Credit Exchange program, the New Markets Tax Credit or the extension of the boosted historic tax credit in the Gulf Opportunity Zone. Reid has indicated that the Senate will consider tax credit extender legislation after it completes action on the Jobs Bill.
