S.361 - Seven Point Plan for Growing Jobs Act
A bill to amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes. as introduced.
- Short: Seven Point Plan for Growing Jobs Act as introduced.
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Official SummarySeven Point Plan for Growing Jobs Act - Amends the Workforce Investment Act of 1998 to direct the Secretary of Labor to establish a Manufacturing Job Training National Program and make grants to state governors and agencies with responsibility for labor programs to plan and develop a new pr
Official SummarySeven Point Plan for Growing Jobs Act - Amends the Workforce Investment Act of 1998 to direct the Secretary of Labor to establish a Manufacturing Job Training National Program and make grants to state governors and agencies with responsibility for labor programs to plan and develop a new program of employment and training activities that targets the specific needs of manufacturers. Amends the Public Works and Economic Development Act of 1965 to direct the Secretary to provide workplace development and economic assistance to eligible recipients affected by the base realignment and closure (BRAC) activities established by the Secretary of Defense (DOD) in 2005. Directs the Secretary to review job training programs to identify ways to increase efficiency and reduce duplicative and unnecessary processes and activities in such programs. Directs the Secretary of Energy to:
(1) carry out an offshore wind energy research and deployment program, and
(2) award grants to institutions of higher education to establish one or more national offshore wind centers. Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend reductions in the employment tax to employers and certain self-employed individuals. Amends the Internal Revenue Code to:
(1) make permanent accelerated depreciation for qualified leasehold and restaurant buildings and improvements, nonresidential real property and residential rental property, and increased depreciation and expensing allowances for business and investment property;
(2) extend through 2016 the tax credit for increasing research activities;
(3) increase the rate of the alternative simplified research tax credit;
(4) repeal provisions added by the Patient Protection and Affordable Care Act that require reporting of payments made to corporations of $600 or more; and
(5) eliminate the tax credit for ethanol used as fuel. Imposes new requirements on federal agencies relating to regulatory actions. Allows a reduction or waiver of civil penalties on small entities for failures to comply with regulatory requirements. Extends to all portions of the Interstate Highway System in Maine and Vermont the application of vehicle weight limit laws and regulations of those states in lieu of federal vehicle weight limits. Amends the Harmonized Tariff Schedule of the United States to eliminate the additional tariff on ethanol and ethanol fuel mixtures. Prohibits the consideration by Congress of any legislation that would cause discretionary spending limits to exceed levels specified for FY2012-FY2014. Amends the Food Security Act of 1985 to impose limits on farm subsidies based upon the adjusted gross income of the recipient.
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