In the midst of discussions over the $700 billion bailout plan, Santa Barbara’s local congresswoman, Lois Capps, voted for two bills that seek to spur economic development and create jobs.
The U.S. House of Representatives passed the Job Creation and Unemployment Relief Act and the Renewable Energy and Job Creation Tax Act on Friday, Sept. 26. The bills will soon come before the Senate for a vote.
According to a statement released by Capps, the legislation will offer economic relief to the district by developing jobs and providing tax relief.
“The country’s economic slowdown has brought on soaring prices for energy, health care and other basic necessities, making it increasingly difficult for families and small businesses on the South and Central Coasts to get ahead,” Capps said. “These bills would have an immediate positive effect on the economy by putting people to work through infrastructure improvements and supporting the development of cutting-edge renewable energy technologies. They would also help ensure families don’t go hungry or lose their health coverage as a result of the state budget crisis.”
HR 7060, the Renewable Energy and Job Creation Tax act, is a $60 billion measure that will provide tax incentives for investment in renewable energy production and conservation. The bill also proposes individual income tax relief and the extension of various tax breaks, including credit for college tuition.
The measure’s future is unclear – not only is it different from a Senate-approved bill, but it also faces a presidential veto threat because it raises taxes.
HR 7110, the Job Creation and Unemployment Relief Act, will aid job development and security. Additionally, the economic stimulus plan will promote infrastructure investment in areas such as transportation, public schools and housing.