Jobs and Growth Package Gets House Approval - May 9, 2003
|May 9, 2003|
-- The House of Representatives today passed the Jobs and Growth Tax Act of 2003 to spur economic growth and create more jobs for American workers. Congresswoman Kay Granger (R-Fort Worth) voted for the measure and hailed it as "pro-family, pro-small business, and pro-jobs."
"More tax relief means more jobs for North Texas," said Granger. "Our plan is the right prescription for the economy, providing an immediate shot in the arm to create jobs now while generating long-term growth for the future."
The bill, H.R. 2, boosts the economy by increasing the child tax credit to $1,000, moving more workers more quickly into lower income tax brackets, accelerating marriage penalty relief, and reducing the tax rate on dividends and capital gains.
Furthermore, the Jobs and Growth bill includes a provision providing small business tax relief that mirrors legislation introduced by Representative Granger earlier this year. Specifically, the bill increases expensing limits to create incentives for small companies to invest in new machinery and technology.
"Small businesses play the leading role in economic recovery, generating approximately two-thirds of all new jobs," Representative Granger said.
It has been estimated that the Jobs and Growth Tax Act plan will create at least one million new jobs by the end of 2004. This legislation encompasses all the economic growth and job creation priorities outlined earlier this year by President Bush.
H.R. 2 must be reconciled with the Senate tax relief bill, still being considered, before advancing to the President for his signature.