Tax writers applaud enactment of HIRE Act

In separate releases, Senate Finance Chairman Max Baucus (D-Mont.) and House Ways and Means Chairman Sandy Levin (D-Mich.) applauded President Obama for signing into law legislation giving businesses tax incentives to hire and keep workers as well as expense capital investments. 

The bill also extends Build America Bonds, much to the chagrin of Finance ranking Republican Chuck Grassley (R-Iowa), who argued the expansion will benefit Wall Street in higher fees rather than create new, job-producing construction projects. 

The bill originally passed the Senate on Feb. 24 and was sent to the House, where it was modified and passed on Mar. 4. On Wednesday, the Senate accepted the House version and sent it to the White House for enactment. The legislation is expected to cost roughly $17 billion over 10 years and decrease the deficit by $1 billion.