Posted on May 11, 2004
The Senate passed S.1637, the FSC/ETI or JOBS bill by a vote of 92-5. Upon passage, Sen. Alexander said: This is a good bill for Tennessee and America that will mean more jobs. The legislation includes: · A provision I proposed to give a 15 percent tax credit for ethanol producers that install state-of-the-art pollution control equipment. This will encourage Tate & Lyle in Loudon County to reduce emissions and encourage future economic growth; · Tax provisions that are critical to the development of the Alaska natural gas pipeline; · Tax credits for the purchase of hybrid vehicles, an important component of cleaning the air and reducing our reliance on foreign oil; · A 50 percent tax credit to employers who continue to pay all or a portion of the salary of an employee that is serving on active duty, in the Guard or Reserve. It includes up to a $15,000 credit for the duration of the activation up to 2 years; and · A $6,000 credit per employee for small businesses to hire temporary replacement workers.