Democrats in both chambers of Congress are hoping to pass a bill the week of May 21 they say would create jobs and extend expiring tax benefits. The bill would extend unemployment insurance and Consolidation Omnibus Budget Reconciliation Act (COBRA) benefits through Dec. 31 and would attempt to provide tax relief to businesses and state and local governments to help spur investment and create jobs. It includes a one-year extension of the Research and Development tax credit for businesses and would extend the Build American Bond program to spur infrastructure development through 2012.
The price tag would be $141 billion, and congressional Republicans are concerned that not all of the bill would be paid for. Andrew Goldberg, the American Institute of Architects’ senior director of federal relations, says he’s not certain the bill will have enough votes to pass in either chamber before Memorial Day.
The AFL-CIO says it supports the bill, but AIA and other business groups are concerned about a provision that would raise payroll taxes on small S Corporations, which would force some firms to lay off employees, Goldberg says.