WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today discussed the legislative path forward to create jobs and strengthen the economy.
“Now that the compromise to cut spending and avoid default has been signed into law, there must be a renewed focus on jobs,” said Senator Casey. “The unemployment rate in Pennsylvania and across the country is unacceptably high. It is time to enact some common-sense measures to boost job creation and fuel our economy. I have introduced legislation to do just that and will continue to push for policies to put people back to work and kick-start the economic recovery.”
As Chairman of the Joint Economic Committee, Senator Casey has begun a series of hearings on U.S. manufacturing policy. Thus far, he has held a field hearing in Southeastern Pennsylvania to gain input from Pennsylvania manufacturers. He has also held a hearing focused on equipping workers with the skills they will need for new jobs critical to the nation’s long-term economic success.
Senator Casey has introduced the Small Business Job Creation Tax Credit Act to encourage businesses to add jobs and to reverse cuts in salaries and worker hours. The legislation would create a one-year, quarterly payroll tax credit for small businesses that is equal to 20 percent of the total increase in employee wages, either from new employment or an increase in payroll.
To promote job creation and investment in Pennsylvania’s life science industry, Senator Casey introduced the bipartisan Life Sciences Jobs and Investment Act of 2011 to double the existing research and development (R&D) tax credit to incentivize life sciences R&D from 20% to 40% of the first $150 million businesses and innovators spend on such research. The legislation also provides U.S. businesses a tax incentive to hire additional researchers, make new investments in life sciences research at U.S. universities and institutions, and invest in new laboratories and related life sciences research facilities.
Senator Casey has been a leading critic of unfair trade practices that have sent Pennsylvania manufacturing jobs overseas. He has called on the Obama Administration to aggressively stand up to China’s ongoing attempts to manipulate its currency and gain an illegal trade advantage over Pennsylvania workers and companies. He has also raised concerns about proposed, NAFTA-like free trade agreements that could further harm Pennsylvania workers. He has also called for an extension of Trade Adjustment Assistance to provide job training to workers who have lost their jobs because of foreign trade.
Earlier this year, Senator Casey introduced legislation to help prepare Pennsylvania workers for jobs in the natural gas industry. The Marcellus Shale On-the-Job Training Act of 2011 will authorize grants to strengthen the On-the-Job Training programs to help ensure natural gas drilling jobs go to Pennsylvanians and not workers from out-of-state.
Last year, Senator Casey introduced the bipartisan Help Veterans Own Franchises Act that would establish tax incentives for franchisors who offer qualified veterans a discounted franchise fee and a tax credit to the veteran who purchases a franchise. Senator Casey will reintroduce this bill in the current Congress. According to the International Franchise Association (IFA), there are over 900,000 franchise businesses in the United States which support 21 million jobs and generate $2.3 trillion in economic output.
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