The package, which among other things is aimed at creating jobs and closing tax loopholes, passed the House.
"In this legislation, which is job creating, it closes the loophole which has allowed businesses to ship jobs overseas. Can you believe that we have a tax policy that enables outsourcing? So if you have one thing to say about this bill to your constituents, you can say that today, you voted to close the loophole to ship U.S. jobs overseas and giving businesses a tax break to do so. It is not right. It will be corrected today.”
So said Speaker Nancy Pelosi to House lawmakers just before they voted on H.R. 4213, the American Jobs and Closing Tax Loopholes Act. For the record, and as many of you already know, the House of Representatives approved the package Friday on a 215-204 vote. The bill will now move to the Senate, which is scheduled to begin work on it June 7, after a Memorial Day recess.
Among many things, the bill renews expired tax breaks like the research tax credit and state sales tax deduction, extends federal unemployment benefits through November of this year, and includes billions for tax-favored bonds for state infrastructure spending.
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