Members of Congress Look to Create Jobs in Emerging Industries
During the First Session of the 112th Congress, Members introduced various bills designed to help spur job creation, particularly in emerging industries such as technology and green energy. Below are some examples of legislation and their sponsors introduced to date:
H.R. 72 New Jobs for America Act (U.S. Rep. Sheila Jackson Lee of Texas)
Directs the Secretary of Labor, subject to the availability of appropriations, to make grants to state and local governments and Indian tribes to carry out employment training programs to aid unemployed individuals in securing employment in a new area of expertise, particularly in emerging markets and industries such as green technologies.
H.R. 133 Creating Jobs from Innovative Small Businesses Act (U.S. Rep. Rush Holt of New Jersey)
Amends the Internal Revenue Code to allow a general business tax credit of 20% of the amount paid to acquire an equity investment in a qualified high technology small business concern. Defines "qualified high technology small business concern" as a small business concern that employs an average of fewer than 500 employees during a year and devotes at least 50% of its gross expenditures to research and experimentation.
H.R. 2632 Life Sciences Jobs and Investment Act of 2011 (U.S. Rep. Devin Nunes of California)
The Life Sciences Jobs and Investment Act would allow companies engaged in life sciences research to either double their Research and Development tax credit on the first $150 million invested or repatriate foreign earnings at a reduced tax rate up to that same limit when used exclusively for job creation and research in the United States.
S. 21 Cyber Security and American Cyber Competitiveness Act (Sen. Harry Reid of Nevada)
Calls for the enactment of bipartisan legislation to secure the United States against cyber attack, enhance American competitiveness and create jobs in the information technology industry, and protect the identities and sensitive information of American citizens and businesses.
S. 155 Domestic Jobs Innovation Bonus Act (Sen. Herb Kohl of Wisconsin)
Amends the Internal Revenue Code to allow a manufacturer who has domestic production gross receipts that are greater than 50% of total production gross receipts an increased tax credit for research expenditures, including energy research.
More information on these bills and others can be found at Thomas.loc.gov.
House Appropriations Committee Approves Commerce FY 2012 Spending Bill: On July 13, 2011, the full House Appropriations approved the FY 2012 Commerce, Justice, Science, and Related Agencies spending bill. The approved legislation contains $50.2 billion in funding. This is a reduction of $3.1 billion or 6% below last year’s level, and $7.4 billion or 13% below the President’s request for these programs. Among other Commerce entities, the committee approved approximately $30 million for the Minority Business Development Agency, nearly $3 million below President Obama’s request. The Senate must also consider an appropriations measure for the upcoming fiscal year before it becomes law. FY 2012 begins on October 1, 2011