Summary: -Extends unemployment insurance provisions in the following Acts by approximately 2 months (Sec. 2):
-The "Supplemental Appropriations Act, 2008;"
-The "Assistance for Unemployed Workers and Struggling Families Act;" and
-The "Unemployment Compensation Extension Act of 2008."
-Extends the expiration date of the eligibility period for COBRA benefits from March 31, 2010 to May 31, 2010 (Sec. 3).
-Increases the Medicare physician payment update by extending the date through which the update to the single conversion factor shall be 0 percent from March 31, 2010 to May 31, 2010 (Sec. 4).
-Prohibits the Secretary of Health and Human Services from publishing updated poverty guidelines for 2010 before May 31, 2010, and specifies that the 2009 guidelines shall be in effect until updated guidelines are published (Sec. 6).
-Appropriates $80 million to the Business Loans Program Account of the Small Business Administration for fee reductions and eliminations and loan guarantees (Sec. 10).
-Designates this Act (with the exception of Section 4) an emergency with regard to the Statutory Pay-As-You-Go Act of 2010 (Sec. 12).
Byrd's Vote
Y
(2010) HR 2847 Employment, Infrastructure, and Transportation Appropriations and Tax Credits ("Senate Jobs Bill")
Outcome: Concurrence Vote Passed (68/29)
Summary: -Specifies that most employers will not be required to pay an excise tax for the second, third, and fourth calendar quarters of 2010 on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
-The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
-The employee was not hired to replace a worker that was fired; and
-The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.
-Specifies that, on payroll taxes paid during the first quarter, amounts that could have otherwise been credited shall be treated as payments against first quarter payroll taxes (Sec. 101).
-Specifies that Railroad Retirement taxes shall apply to any employee who began employment between February 3, 2010 and December 31, 2010 at a rate of 1.45 percent of wages paid by the employer (Sec. 101).
-Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks by the lesser of the following (Sec. 102):
-$1,000; or
-6.2 times the amount of wages paid by the employer to workers.
-Specifies that issuers of qualified zone academy bonds and qualified school construction zone bonds may elect to apply for a tax credit, and a credit shall be the lesser of (Sec. 301):
-The amount of interest payable under the bond; or
-The amount of interest that would have been payable under the bond if such interest is subject to an applicable credit rate under Section 54A of the Internal Revenue Code.
-Specifies that issuers of clean energy bonds and qualified energy conservation bonds may elect to apply for a tax credit, and that the credit shall be 70 percent of the amount of interest payable under the bond (Sec. 301).
-Requires 10 percent of funds made available for projects funded under Titles I, III and V of the Safe, Accountable, Flexible, Efficient Transportation Equity Act (SAFETEA-LU) and any conforming provisions in this act shall go to businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).
-Requires states to compile a list of businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).
-Specifies that a "socially and economically disadvantaged" individual includes, but is not limited to, Native Americans, Native Hawaiians, and women (Sec. 451).
-Specifies corporate estimated tax for corporations with $1 billion or more in assets shall be calculated as follows (Sec. 561):
-Any required installment that is otherwise due in July, August, or September of 2009 shall be 123.25 percent of such amount;
-Any required installment that is otherwise due in July, August, or September of 2015 shall be 121.5 percent of such amount;
-Any required installment that is otherwise due in July, August, or September of 2019 shall be 106.5 percent of such amount; and
-Any future installments shall be reduced appropriately.
-Specifies that PAYGO compliance for this act is required (Sec. 562).
Byrd's Vote
-
(2010) HR 2847 Employment, Infrastructure, and Transportation Appropriations and Tax Credits ("Senate Jobs Bill")
Outcome: Concurrence Vote Passed (70/28)
Summary: -Specifies that most employers will not be required to pay an excise tax on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
-The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
-The employee was not hired to replace a worker that was fired; and
-The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.
-Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks in the amount of $1,000 times the amount of workers retained in the taxable year, only if during the last 26 weeks of the taxable year retained employees were paid at least 80 percent of what they were paid in the first 26 weeks of the taxable year (Sec. 102).
-Increases the expensing allowance for depreciable business assets for taxable years beginning after 2007 and before 2011 from $125,000 to $250,000 (Sec. 201).
-Specifies that issuers of clean energy bonds, qualified energy conservation bonds, qualified zone academy bonds, and qualified school construction zone bonds may elect to apply for a tax credit, and may be credited as follows (Sec. 301):
-If a small bond issuer, 65 percent of the amount of payable interest; and
-If any other bond issuer, 45 percent of the amount of payable interest.
-Establishes obligation ceilings for amounts made available from the Highway Trust Fund as follows (Sec. 437):
-$10.51 billion for fiscal year 2010; and
-$2.63 billion for the period between October 1, 2010 and December 31, 2010.
-Requires any individual with more than $50,000 to report any funds held in a depository or custodial account that is maintained by a foreign financial institution (Sec. 511).
-Requires United States shareholders of a passive foreign investment companies to file annual informational returns (Sec. 521).
-Specifies that a foreign trust has a United States beneficiary if the following applies (Sec. 531):
-The beneficiary's interest in the trust is contingent on a future event; or
-The beneficiary directly or indirectly transfers property to a foreign trust or uses trust property without paying compensation.
-Appropriates $528.03 million to the Federal-aid highway program for fiscal year 2010 (Sec. 412).
-Appropriates $1.71 billion for the extension of National Highway Traffic Safety Administration Programs (Sec. 421).
-Appropriates $795.28 million for the extension of Federal Motor Carrier Safety Administration Programs (Sec. 422).
-Appropriates $43.22 billion for Public Transportation Programs (Title IV, Subtitle C).
Byrd's Vote
Y
(2010) HR 2847 Employment, Infrastructure, and Transportation Appropriations and Tax Credits ("Senate Jobs Bill")
Outcome: Cloture Invoked (62/30)
Summary: -Specifies that most employers will not be required to pay an excise tax on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
-The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
-The employee was not hired to replace a worker that was fired; and
-The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.
-Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks in the amount of $1,000 times the amount of workers retained in the taxable year, only if during the last 26 weeks of the taxable year retained employees were paid at least 80 percent of what they were paid in the first 26 weeks of the taxable year (Sec. 102).
-Increases the expensing allowance for depreciable business assets for taxable years beginning after 2007 and before 2011 from $125,000 to $250,000 (Sec. 201).
-Specifies that issuers of clean energy bonds, qualified energy conservation bonds, qualified zone academy bonds, and qualified school construction zone bonds may elect to apply for a tax credit, and may be credited as follows (Sec. 301):
-If a small bond issuer, 65 percent of the amount of payable interest; and
-If any other bond issuer, 45 percent of the amount of payable interest.
-Establishes obligation ceilings for amounts made available from the Highway Trust Fund as follows (Sec. 437):
-$10.51 billion for fiscal year 2010; and
-$2.63 billion for the period between October 1, 2010 and December 31, 2010.
-Requires any individual with more than $50,000 to report any funds held in a depository or custodial account that is maintained by a foreign financial institution (Sec. 511).
-Requires United States shareholders of a passive foreign investment companies to file annual informational returns (Sec. 521).
-Specifies that a foreign trust has a United States beneficiary if the following applies (Sec. 531):
-The beneficiary's interest in the trust is contingent on a future event; or
-The beneficiary directly or indirectly transfers property to a foreign trust or uses trust property without paying compensation.
-Appropriates $528.03 million to the Federal-aid highway program for fiscal year 2010 (Sec. 412).
-Appropriates $1.71 billion for the extension of National Highway Traffic Safety Administration Programs (Sec. 421).
-Appropriates $795.28 million for the extension of Federal Motor Carrier Safety Administration Programs (Sec. 422).
-Appropriates $43.22 billion for Public Transportation Programs (Title IV, Subtitle C).
