Elkhart, IN<\/b> – Today, Congressman Donnelly visited the Wells Cargo manufacturing facility of Universal Trailer to talk about his bill, the Targeted Job Creation and Business Investment Act<\/i>, H.R. 4965, and his efforts to protect and encourage new jobs in north central Indiana. His jobs plan consists of three parts: targeted tax cuts, holding China accountable for currency manipulation, and protecting American jobs for people who play by the rules.<\/p>\n
“Jobs are my first priority, and my jobs plan consists of targeted initiatives that will work,” said Donnelly. “The federal government should, for the most part, stay out of folks’ way and let our Hoosier entrepreneurs get to work. There are, however, a few things we can do. We can encourage businesses to hire, purchase equipment, and innovate with smart tax credits, which is what my bill does. We can also assist American companies and workers—particularly in the manufacturing sector—by stopping China’s unfair currency manipulation, and we can protect American jobs by ensuring that available jobs go to folks who play by the rules. We can help the recovery in north central Indiana by making sure our local businesses have the tools they need, and these initiatives can help.”<\/p>\n
“Our trailer companies, Wells Cargo and Haulmark, are very appreciative of Congressman Donnelly taking the time to personally work with Elkhart County businesses in an effort to save and create jobs,” said Tom Frey, President\/CEO of Universal Trailer Corporation. “Forging programs that will actually create jobs takes substantial work. It is time consuming to meet face to face with businesses out here on ‘Main Street.’ But this hard work is critical if Elkhart is to realize the job growth we are both striving for. I believe that the voice of Main Street must be a central consideration if the public sector’s efforts are to be successful in helping private-sector businesses grow jobs again in Elkhart County. We’re pleased that Congressman Donnelly is willing to devote the time to listen to our ideas and the work to bring them forward into a process of crafting effective legislative programs.”<\/p>\n
On March 25, 2010, Congressman Donnelly introduced the Targeted Job Creation and Business Investment Act<\/i>, H.R. 4965, which includes four tax credits designed to benefit north central Indiana businesses. First, all companies would be eligible for a tax credit for hiring a new worker in an economically distressed area. This job creation tax credit would refund 15% of new wage costs in 2010 and 10% of new wage costs in 2011. “Economically distressed” would be categorized as counties with an unemployment rate of 8.5% or higher, the same threshold as states that currently receive extra unemployment benefits. All 12 counties in Indiana’s Second Congressional District would qualify currently. The tax credit would be available only to employers who expand the part of their payroll subject to Social Security tax, ensuring that workers are not laid off in order to hire new workers to obtain the credit. This tax credit would be available quarterly in order to encourage quicker hiring, and would be refundable in order to allow non-profits to take advantage of the credit.<\/p>\n
The second provision in the Targeted Job Creation and Business Investment Act <\/i>would make the research and development (R&D) tax credit permanent. By encouraging investment in R&D, this credit would foster American businesses’ competitiveness in an increasingly global marketplace. A permanent extension would give companies certainty in the tax code, which would enable them to better plan research endeavors and would encourage companies to keep their R&D initiatives on American soil.<\/p>\n
Third, Congressman Donnelly’s Targeted Job Creation and Business Investment Act <\/i>would make two deductions: the bonus depreciation and enhanced expensing deductions permanent. The 50% bonus depreciation would allow a business to invest in equipment and speed up its depreciation, allowing businesses to more quickly recover their capital expenditure costs. Enhanced expensing would allow small businesses to immediately write-off up to $250,000 in qualified investment for capital expenditures such as machinery, equipment, and business software. Permanent extensions would allow companies to better plan for new investments.<\/p>\n
Donnelly also discussed his strong support for cracking down on China’s unfair policies that give that country a competitive advantage. Currently, China manipulates its currency by undervaluing it. Economists estimate the yuan is undervalued by anywhere from 15 to 40 percent. This causes not only an increased trade deficit with China, but also contributes to American jobs loss as the prices of Chinese imports are artificially held down, undercutting American goods.<\/p>\n
Congressman Donnelly is a cosponsor of H.R. 2378, the Currency Reform for Fair Trade Act<\/i>, which would neutralize the negative effects of misaligned foreign currency by allowing affected American industries and their workers to seek remedies under current trade laws. The bill also would use publicly available data to determine the misalignment in a transparent way, apply a fair and predictable standard for currency misalignment, and create an incentive for foreign governments to stop unfair trade practices to prevent similar abuses in the future. Congressman Donnelly, with other Members of Congress, has also sent several letters to both the Bush and Obama Administrations on this issue. In November 2009, Congressman Donnelly joined colleagues in sending a letter to President Obama regarding inaction by the Obama Administration against China’s continued manipulation of its currency. <\/p>\n
Finally, Donnelly spoke about the need for securing our borders and preventing undocumented workers from getting jobs in the U.S. Congressman Donnelly is an original cosponsor of H.R. 3088, the SAVE Act<\/i>, which would protect American jobs by expanding the Department of Homeland Security’s E-Verify program, which is an Internet-based system that allows an employer, using information reported on an employee’s Employment Eligibility Verification form, to determine the eligibility of that employee to work in the United States. The SAVE Act<\/i> would make E-Verify mandatory for all employers, hire 6,000 more Border Patrol agents, and expedite the processing and removal of illegal aliens. <\/p>\n
Congressman Donnelly will continue to tour north central Indiana businesses today and tomorrow as a part of his jobs agenda tour. Later today, he will visit the Entrepreneur Center in Michigan City. Tomorrow, he will visit Inventrek Park in Kokomo, Creative Promotions in Logansport, and Rochester Medical Implants in Rochester.<\/p>\n
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