­ Congressman Paul Tonko voted today to help spur job creation, provide tax relief for middle class families, and extend unemployment benefits for laid off workers who have been hard hit by the economic downturn. The U.S. House of Representatives passed the American Jobs and Closing Tax Loopholes Act by a vote of 215-204, which will also close tax loopholes that send jobs overseas, and continue the work of building a strong new foundation for the American economy.

“This legislation is about creating and retaining jobs, and continuing to provide tax relief for middle-class Americans ­ key efforts that will fuel our ongoing economic recovery,” said Congressman Tonko. “With this legislation, we continue to follow through our commitment to create jobs, rebuild the economy, and strengthen corporate accountability.”

The American Jobs and Closing Tax Loopholes Act will support more than a million American jobs by helping restore credit to small businesses, extending the R&D tax credit, rebuilding American roads and bridges, and providing tax relief for millions of middle class American families.  The bill also extends unemployment benefits for Americans who lost their jobs through no fault of their own.

The tax benefits to middle class Americans ­ property tax relief, state and local sales tax deductions, and college tuition deductions ­ are paid for by closing the tax loopholes that big businesses have exploited to ship jobs overseas and that allowed Wall Street billionaires to pay a much lower tax rate on their income.  The bill also promotes corporate accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund ­ so taxpayers are never stuck with the bill for the risky practices of the industry.

Congressman Tonko added, “We can¹t afford a return to the past policies that brought our economy to its knees. We need to move forward with smart investments that will aid in the recovery and build a strong foundation for future growth.”

In addition, the bill includes resources to support 350,000 jobs for youth aged 14 to 24 through summer employment programs.

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