Date: 2010-03-23
Speaker: JACKSON LEE (democrat)
Chamber: H
State: Texas

Let me thank the distinguished gentleman from California. and I thank his good friend from Florida for managing this bill and their leadership on these issues. as well as the Ways and Means Committee. Just a few minutes ago. the President of the United States signed a health care bill that many thought would not pass that will save us $1.3 trillion over the next decade. Today. we come to the floor and address the concerns of many Americans. representing to America that this majority is both sensitive and able to address issues that are hurting the American people and the American economy. This bill does just that. And I am very pleased to rise to support legislation that addresses the question of providing incentives for small businesses to hire people and to give them an incentive to do so. Im very pleased that we will have the opportunity in our local jurisdictions to be able to rebuild and to issue bonds dealing with water and sewers. The fact that I was a former Houston City Council member. I understand sometimes where the rubber hits the road: to rebuild those entities. to allow State and local governments to be able to save money through the alternative minimum tax. to be able to allow lowincome housing to take money over lowincome tax credits. hopefully to use it effectively. And I want to join with the chairwoman of the Congressional Black Caucus as I thank this legislation for having the extension of the emergency fund on TANF. That means my State of Texas can actually have provisions that will allow people to be hired for 1 year. Even a conservative policy person. Kevin Hassett. said. "Given the state of the labor market. it is hard to imagine how any sensible person could oppose extending the emergency fund." Lets see how this Congress votes on this rule. I am supporting this rule because not only have we extended and provided health care for 32 million Americans. were now addressing the question of jobs. jobs. jobs for America. This bill will help our small businesses. our local municipalities. and the people who have been chronically unemployed. Its time to pass this rule and to pass this bill. Madam Speaker I rise today in strong support of H. Res. 1205. a rule providing for 4849. "The Small Business and Infrastructure Jobs Tax Act of 2010" a bill that will help to create jobs for Americans. Last year. through the American Recovery Act of 2009 (stimulus package). Congress threw out a massive lifeline to save Americans who were on the verge of losing their jobs and to create jobs for those who were unemployed. We are constantly getting updates from our leaders in Congress and the Administration. of the positive impact the stimulus funding is having on our economy. Yet. we know there is still more work to do. This bill will allow us to continue making strides in the right direction towards putting jobs in the hands of Americans. H.R. 4849 will provide a 100 percent exclusion of small business capital gains. Under current law. Section 1202 provides 50 percent exclusion for gain from the sale of certain small business stock that is held for more that 5 years. The bill would temporarily increase the amount of the exclusion to 100 percent for qualifying stock acquired after March 15. 2010 and before January 1. 2012. The amount of gain eligible for the Section 1202 exclusion is limited to the greater of 10 times the taxpayers basis in the stock. or $10 million gain from stock in that small business corporation. This provision is limited to individual investments and not the investments of a corporation. This provision is estimated to cost $1.962 billion over the next 10 years. The American Reinvestment and Recovery Act (the "Recovery Act") temporarily increased the Section 1202 exclusion to 75 percent for qualifying stock acquired in 2009 and 2010. Again. this bill would temporarily increase the amount of the exclusion to 100 percent. H. Res. 4849 is a great piece of legislation because it will increase job opportunities for all Americans and allow our citizens to go back to work. Madam Speaker. through a managers amendment introduced yesterday at the Rules Committee. TANF Emergency Contingency Fund will be extended for one year. This was a key CBC provision throughout our jobs advocacy. The provision provides $2.5 billion in TANFECF. which the my CBC colleagues and I advocated to Ways & Means. House. and Senate leadership. This amendment would also help those who are most vulnerable and who need our hope the most by extending the TANF Emergency Contingency Fund for one year. This Fund was established by the Recovery Act and is expiring on September 30th and currently assists States in providing assistance to needy families and in establishing or expanding subsidized jobs programs. We need to put jobs in the hands of Americans. As a Representative of Houston. I am particularly concerned that the unemployment rates have been increasing instead of decreasing. unemployment in the HoustonSugar LandBaytown region climbed to 5.4 percent in October of 2009. according to a recent report from the Texas Workforce Commission (TWC). There were 152.300 people without jobs during the month out of a total civilian labor force of about 2.8 million. compared with 144.200 people. or 5.1 percent. unemployed out of a civilian labor force of 2.8 million in September of 2009. according to the TWC. The unemployment rate in October was up from 4 percent a year ago. I know that the people of the 18th Congressional District of Texas will be greatly affected by this bill and begin to receive more employment opportunities. Madam Speaker. getting all Americans back to work is. and should be our number one priority. It is essential that the Congress continue to create avenues that will provide employers with incentives to hire and retain new employees. Madam Speaker. I ask my colleagues to join me in supporting H. Res. 1205.