Berkley Says Yes To Ways And Means Job Incentives Package
*** Increases Ability to Tap “Build America” and “Recovery Zone” Bonds ***
March 24, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today voted in favor of the Small Business and Infrastructure Jobs Act of 2010 (H.R. 4849). The new package, approved 246-178, will promote job creation and economic growth in Nevada and nationwide.
“This legislation is another strong step toward economic recovery for Nevada communities like Las Vegas and others across our nation. The provisions in this bill will spur the creation and growth of small businesses, and help state and local governments make critical, job-creating infrastructure investments that are essential to long term economic recovery,” said Berkley.
The legislation, which Berkley helped author as a Member of the Ways and Means Committee, extends the ability for local governments and the State of Nevada to utilize Build America and Recovery Zone Bonds to fund infrastructure projects that will spur employment.
“Both ‘Build America’ and ‘Recovery Zone’ Bonds provide a low cost means for local entities like Clark County to borrow for roads, schools, airport improvements and other critical needs that are important to quality of life in the Valley,” said Berkley. “These bonds have been used to fund hundreds of millions of dollars in investments at McCarran International Airport, upgrades to water and sewer systems by the Las Vegas Valley Water Authority and highway and transit improvements around Clark County.”
Extension of the Recovery Zone Bond program under an adjusted formula will make Southern Nevada eligible for yet another source of financing for infrastructure projects that will spur economic growth and job creation.
“The extension of the ‘Recovery Zone’ Bond program will provide yet another way to obtain financing for infrastructure projects that will spur economic growth in areas of the country, like Las Vegas, with some of the highest unemployment rates,” Berkley said.
Berkley also highlighted the package’s benefit to small businesses, including incentives to promote employment.
“As a member of the Ways and Means Committee, I continue to support legislation that will create new opportunities, stimulate investment in Las Vegas and help entrepreneurs. The investments this legislation makes in infrastructure and small businesses are critical to continuing our economic recovery and putting Nevadans back to work,” said Berkley.
Highlights of H.R. 4849, the Small Business and Infrastructure Jobs Tax Act:
Build America Bonds. Extends Build America Bonds through 2013. These bonds have been an effective tool in job creation and a vital resource for state and local governments seeking to invest in schools, sewers, hospitals and transit projects.
Recovery Zone Bonds. Extends Recovery Zone Bonds for economically distressed areas through 2011 and provides more of them to ensure that all areas nationwide with high unemployment receive a minimum number of these bonds (based on their share of national unemployment). These Recovery bonds, targeted to areas with significant poverty, unemployment or home foreclosures, can be used to invest in infrastructure, job training, education, and economic development.
TANF Emergency Fund Extension to Help Create Jobs. Helps to create jobs by extending for one year an emergency fund that 35 states are using or planning to use for a jobs program that subsidizes employers, including small businesses, who hire unemployed workers. This fund is currently on track to put over 160,000 Americans back to work, with more to come if extended, and is supported by the National Governors Association, the National Conference of State Legislatures, and the National Association of Counties.
Exempt New Markets Tax Credit from AMT. Exempts the New Markets Tax Credit (NMTC), which leverages federal tax credits to encourage significant investment in low-income communities, from the Alternative Minimum Tax. This will encourage more investors to make investments in low-income communities.
Spur Investment in Small Businesses. Increases the capital gains tax cut for those who invest in small businesses this year. The bill would exclude 100% of capital gain income for stock in small business purchased from March 15, 2010 to January 1, 2011. This will spur new investments in small business with new capital they need to grow and hire more workers.
Small Business Penalty Relief. Fixes a tax shelter disclosure penalty (Section 6707A) that has had a disproportionate effect on small businesses. Endorsed by the Small Business Council of America, the bill makes penalties for failing to disclose on their taxes reportable transactions proportionate to the underlying tax savings for small businesses. Some of these businesses were assessed tax penalties as high as $300,000 per year for receiving a tax benefit of as little as $15,000 from the unreported transaction. This bipartisan provision passed the Senate unanimously on February 9, 2010.
Increase in deduction for business start-up expenditures. Entrepreneurs can deduct up to $20,000 (up from $5,000 in current law) in start-up expenditures in connection with investigating the creation of a business (but not capital or equipment), and more businesses could get the maximum deduction. By allowing entrepreneurs to recover a greater portion of their start-up expenses, the proposal would assist small business owners in overcoming these barriers so they too can focus on hiring new workers and growing their business.
Berkley Challenges Yucca Backers: Answer On Dump’s Flawed Science, $100 Billion Cost And Terrorism Threat From Nuke Waste Shipments
March 24, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today challenged backers of the failed Yucca Mountain Project to answer questions about the dump’s flawed science, its $100 billion price tag and the terrorism threat to communities from decades of nuclear waste shipments. Berkley issued the challenge in response to renewed lobbying efforts by industry allies like the U.S. Chamber of Commerce who are seeking continued spending on the dump and efforts in Congress to keep Yucca funding flowing.
“President Obama pledged to kill Yucca Mountain and he did so with the backing of a majority of Nevadans and bipartisan support from our State’s elected leaders. But that has not stopped the nuclear industry and its allies from continuing to demand that Nevada be turned into a nuclear waste dump.
“Just this week, new efforts have been launched to keep funding for the dump alive. These acts of desperation come even as the newly-formed Blue Ribbon Commission on America’s Nuclear Future meets for the first time to begin its mission of charting a new path forward on the waste issue.
“Rather than join in a search for a real solution to America’s nuclear waste problem, proponents of Yucca Mountain are using misinformation and slinging political mud in hopes of resurrecting the failed $100 billion dump project.
“Those still pushing Yucca Mountain, from the Chamber of Commerce to South Carolina’s Governor Mark Sanford, conveniently ignore the site’s fatal flaws and holes in the science surrounding the dump large enough to drive a train load of nuclear waste through. At the same time, dump backers also ignore Nevada’s long standing opposition to having nuclear waste dumped in our backyard.
“Yucca Mountain has been rocked by violent earthquakes in the recent past and there is no way it can ever meet a one million year radiation limit as required. Nor is there a canister that exists today capable of containing high-level radioactive waste given the rapid corrosion that studies have shown will occur once inside the dump. Even more ridiculous is the fact that plans for Yucca Mountain actually rely on an army of robots to go into the dump and install titanium drip shields after conditions are too deadly for humans to enter the site.
“Yucca supporters need to explain why we should continue wasteful spending on a failed $100 billion project with a bloated budget that is more 20 years behind schedule. Families in nuclear states like South Carolina are already paying higher energy bills each month as a result of the tax they pay to fund the clean-up of this nuclear garbage. And dump backers need to answer the safety concerns raised by communities all across the U.S. that will see decades of nuclear waste shipments passing by homes, schools, hospitals and houses of worship—each a terrorist target or accident waiting to happen.
“Nevadans have been fighting Yucca Mountain since the day it was proposed, not only because of the danger it represents, but also because the process unfairly targeted our State. The time has come to dump Yucca Mountain and to move forward on a safe and affordable solution to America’s nuclear waste issue.”
March 23, 2010 – Las Vegas, NV – Congresswoman Shelley Berkley today thanked Nevadan Ken Brown for his contributions on behalf of his fellow veterans in a speech from the floor of the House. Berkley’s remarks are below and video of the Congresswoman speaking can be viewed below:
“I rise today to honor the dedication and service of a true veterans’ advocate, Kenneth Brown. From 1943 to 1945, Mr. Brown served in the United States Navy during World War II as a United States Navy Army Guard Gunners Mate. After receiving an honorable discharge, Mr. Brown dedicated his life to improving the quality of life for Nevada military veterans and their families.
“In 1987—and this is just an extraordinary act that he performed—Mr. Brown purchased 83.5 acres of land in Boulder City, Nevada and donated this parcel to the State of Nevada, encouraging the State to use this land to build a veterans cemetery.
“On April 6, 1990, Mr. Brown’s dream was realized and the Southern Nevada Veterans’ Memorial Cemetery was officially dedicated. His generous donation and tireless efforts helped Nevada provide a final resting place of dignity, respect, and honor. In recognition of his contributions, the Governor declared April 6, 1990 as “Ken Brown Day.”
“Mr. Brown has received countless honors paying tribute to his 50 years of service to Nevada veterans and their families, including the key to the City of Las Vegas for heroism and vision in supporting veterans in Nevada, and God and Country Award from the United States Navy Armed Guard.
“It is truly an honor for me to stand here today and recognize my friend, and he truly is my friend, Mr. Ken Brown, for all the work he has done for the veterans community and for helping to bring a veterans’ cemetery to Southern Nevada where all veterans and their spouses can be buried with dignity
“I cannot tell you how many times I have seen Mr. Brown at our VA cemetery in Boulder City, honoring our war dead and being there as an inspiration to those veterans who came home, served their country admirably and will one day be at that cemetery. He has done a wonderful thing for not only the State of Nevada, not only its veterans, but for mankind. And Mr. Ken Brown, I salute you and I thank you. My respect and admiration are yours today.”
Berkley Witnesses Historic White House Health Reform Signing Ceremony
*** New Law Will Provide Affordable Access to Care for Families in Las Vegas and Nationwide ***
March 23, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today joined President Barack Obama and Members of Congress at a White House signing ceremony marking the creation of an historic new law that will improve healthcare for families in Las Vegas and across the nation. Berkley issued the following statement upon conclusion of the White House ceremony:
“The President’s signing of this legislation was a moment in history that I was proud to witness and one that I will always remember because of the benefits all families will see as a result of these critical health reforms. This new law expands access to affordable health coverage for more than 600,000 of our fellow Nevadans, provides financial assistance to working families to make coverage costs affordable and tax credits to businesses that provide healthcare to their employees.
“Reforming the broken healthcare system is a critical element in our nation’s economic recovery. Healthcare costs must be controlled, access to coverage must be expanded and the quality of coverage for those who are currently covered must be improved. No one with or without health insurance should be forced into bankruptcy because of medical bills, or worry they will not be covered if they lose or change their jobs. That is why each of these issues has been addressed in the new health reform law signed by President Obama this morning.
“Today we tear down barriers to care for those denied insurance in the past, either because they can’t afford coverage, have a pre-existing condition, or have been dropped after getting sick. And allow young adults to remain on their parents’ insurance plans longer, preventing sons and daughters from falling into the ranks of the uninsured. These health reforms will also mean moms and dads in the Las Vegas Valley can sleep better at night knowing a sick child can see the doctor because they are insured.
“And with the stroke of a pen, the President has improved Medicare coverage with the inclusion of free preventive care and the elimination of the threat of huge out-of-pocket costs for prescription medicines by closing the ‘donut hole’ in Part D coverage.”
Berkley: Loan Reforms Will Make College More Affordable For Nevadans
March 23, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today highlighted the benefit to Nevadans as a result of student aid reforms approved Sunday by the House.
“As the first member of my family to attend college, I understand first hand how important it is to provide affordable loan options and grants to help cover the cost of tuition, books, housing and other expenses. The reform package passed by the House will invest more than $50 billion to increase grants and other forms of student aid so that more Nevadans can afford to attend UNLV, CSN, Nevada State College or another school of their choice,” said Berkley. “These changes will help students and parents stretch their dollars and save on the amount they borrow, at a time when our economy continues to recover.”
The package reforms the system of federal student loans to save taxpayers $61 billion—and then invests $51 billion of those savings back into expanding aid for college students.
“Increasing the amount students are eligible to receive under the Pell Grant program will mean that an even greater number of education options are available to students in Nevada and nationwide,” said Berkley. “And for the first time, beginning in 2013, Pell Grants will be linked to increases in the cost-of-living so that this aid program retains its value over the years,” said Berkley.
The legislation invests $36 billion in the Pell Grant program, including an increase in the maximum Pell Grant from $5,350 in 2009 to $5,550 in 2010 and to $5,975 by 2017. Starting in 2013, the scholarship will be linked to match any rise in the cost-of-living by indexing it to the Consumer Price Index. This includes an investment of $13.5 billion to fund a shortfall in the Pell Grant scholarship program due to increased demand for the scholarship.
Berkley: Health Reform Will Increase Access To Affordable Care For Nevada Families
Tax Credits Will Help Businesses Cover Workers
March 19, 2010 – Washington, D.C. – Congresswoman Shelley Berkley today issued the following statement announcing her intention to vote in favor of healthcare reform legislation:
“We are in a healthcare crisis, and the burden it is placing on families and businesses in Nevada must be lifted. That is why I will vote for health reform legislation this weekend.
“While not perfect, this bill addresses key obstacles that continue to plague the system. The cost of healthcare premiums is skyrocketing out of control, creating an atmosphere where only insurance companies can and will prosper and prevail. Without this reform, our individual citizens and businesses will continue to be devastated by unsustainable costs or barriers to coverage.
“Reforming the broken healthcare system is a critical element in our nation’s economic recovery. Healthcare costs must be controlled, access to coverage must be expanded and the quality of coverage for those who are currently covered must be improved. No one with or without health insurance should be forced into bankruptcy because of medical bills, or worry they will not be covered if they lose or change their jobs.
“This bill increases access for those who have been denied insurance in the past, either because they can’t afford it, have a pre-existing condition, or have been dropped from coverage after getting sick. It provides financial assistance to working families to make their healthcare costs affordable and it provides businesses with tax credits for providing healthcare for their employees.
“This bill will allow 63,000 young adults in Southern Nevada to remain on their parents’ insurance plans longer, thereby preventing them from falling into the ranks of the uninsured.
“The bill improves Medicare coverage for 90,000 beneficiaries in my Congressional district and closes the donut hole, eliminating huge out-of-pocket costs for their prescription medicines.
“This has been a very long and difficult process. Over the past year, through town hall meetings, letters, emails and individual conversations, I have heard from thousands of Nevadans on both sides of the issue. I deeply appreciate the views expressed by all who reached out to me to voice their opinions and I thank them for being a part of this process.
“I believe it is my duty to fight for the health, well-being and protection of the citizens I represent. While this package does not contain all the reforms needed, it provides a framework of very positive first steps that will achieve a great deal for Nevada families. There is no doubt that more must be done, but I believe this is a step in the right direction.”
Key healthcare reform benefits for Nevada’s First Congressional District:
Extend coverage to 155,500 uninsured residents.
Protect 3,800 families from bankruptcy due to unaffordable healthcare costs.
Improve Medicare for 90,000 beneficiaries, including closing the donut hole.
Guarantee that 26,200 residents with pre-existing conditions can obtain coverage.
Reduce the cost of uncompensated care for hospitals and other healthcare providers by $74 million annually.
Give tax credits and other assistance to up to 201,000 families and 16,700 small businesses to help them afford coverage.
Allow 63,000 young adults to obtain coverage on their parents’ insurance plans.
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