As you probably know by now, the Senate voted to end debate on the $15 billion jobs bill. The vote was 62-30, with Snowe, Collins, Voinavich, Bond, and Brown voting with the Dems. This bill is certainly not big enough, but, this is not the only legislation aimed at creating jobs planned by Senate Dems.
Harry Reid decided to break the jobs legislation into a few smaller bills rather that trying to pass one large one. Here is what is in this bill:
Hiring tax incentives — Exempts employers from paying the 6.2 percent Social Security payroll tax this year on newly hired workers that have been unemployed for 60 days or more. Provides additional $1,000 tax credit for workers retained for at least a year. Cost: $13 billion.
Highway programs — Reauthorizes through the end of 2010 the highway trust fund to use gasoline taxes to help state and local governments pay for highway and transit projects. Deposits an additional $20 billion into the trust fund.
Equipment write-offs — Permits businesses to write off equipment purchases as a business expense rather than depreciating them over time. Cost: $35 million.
Build America Bonds — Expands the Build America Bonds program to subsidize the interest costs of bonds for include certain school and energy projects. Cost: $2.3 billion.
Meanwhile, here are the proposals yet to come:
UI and COBRA Extensions – Extensions of unemployment insurance and COBRA tax credits for millions of Americans.
SBA Lending Program Improvements – Will give small businesses greater access to credit by improving and streamlining several current Small Business Administration lending programs.
Export Promotion – Creation of a new partnership with the Small Business Administration, Department of Commerce and the U.S. Trade Representative to help small businesses increase their exports by identifying ready markets and promoting U.S. small business products in those markets.
Small Business Lending Pool – New lending pool will allow community banks and other local financial institutions to access new capital to quickly lend to small businesses.
Home Star Residential Energy Efficiency Renovations – Will provide rebates to consumers on qualifying energy efficiency renovations and will provide thousands of contractors projects on which to work.
Affordable Housing Preservations and Energy Efficiency Renovations – Will provide grants for energy efficiency renovations for affordable housing.
Manufacturing Plant Energy Efficiency Renovations – Will provide grants for energy efficiency renovations for manufacturing plants.
Energy Efficiency Project Financing Improvements – Will help the Department of Energy distribute energy efficiency program funding more quickly.
Transportation Investments – Direct investments for transportation investments including roads, bridges, highways, transit systems, airport improvements. Will also include TIGER grants which are multi-modal grants which could be used to upgrade several modes of transportation (e.g., road repair; transit upgrades and airport improvements) in a number of specific communities.
School Infrastructure Improvements – Will provide grants to upgrade school buildings nationwide.
Investments in Water Infrastructure – Will provide grants to upgrade the nation’s drinking and waste water infrastructure (e.g., community water filtration systems; sewer and wastewater treatment plants; etc.).
Regional Economic Development Grants – Will provide grants through the Economic Development Administration to support regional development projects such as intermodal facilities, ports and regional business development projects
Aid to States to Retain and Hire Firefighters, Police Officers, and Teachers – Direct aid to states and local governments so they can retain and hire firefighters and police.
Summer Youth Job Programs – Fund and support local job programs for young people in targeted communities nationwide.
Dislocated Worker Training Programs – Provide grants for programs which retrain unemployed workers in new skills and trades.
I downloaded a PDF file that shows what is left to pass. I think I got it from Reid's website, but I'm not certain. I'm sure you can find it if you look.
This diary isn't meant to promote any of the bills-they are not what I would have proposed. But, there's been a lot of talk that the one bill voted on today is not enough, which is true. So I though I'd post this diary to show what is yet to come.