By Brian Faler March 15 (Bloomberg) — An $18 billion jobs plan giving companies a tax break for hiring the unemployed moved closer to becoming law when the U.S. Senate voted to end debate on the measure. Today’s 61-30 vote clears the way for a final vote as soon as tomorrow. Approval would send the bill to President Barack Obama for his signature. The measure would offer companies a holiday from a 6.2 percent Social Security payroll tax for each worker they hire this year who has been unemployed for at least 60 days. Other provisions would expand subsidies for bonds issued by state and local governments, increase highway spending and give small businesses more power to write off the cost of investments. The Senate first approved the legislation last month. The House made a few changes amid complaints the bill violated strengthened budget rules aimed at lowering the federal deficit . The changes require the Senate to pass the proposal a second time. In another effort to boost the economy, the Senate last week approved a $138 billion measure that would extend unemployment benefits and provide additional aid to states. The legislation is pending in the House. To contact the reporter on this story: Brian Faler in Washington at bfaler@bloomberg.net .
Read this article:
Job Legislation Costing $18 Billion Moves Closer to Passage in U.S. Senate
