President Obama March 18 signed into law legislation extending federal surface transportation programs through December 31, 2010. The Hiring Incentives to Restore Employment (HIRE) Act, HR 2847, whose centerpiece includes tax relief for businesses hiring new employees, also transfers $19.5 billion from the general fund to the Federal Highway Trust Fund to maintain its solvency through 2011. The Act repeals a rescission of unobligated highway program contract authority that was part of SAFETEA-LU and includes an expansion of the Build America Bonds program for state and local infrastructure.
The transportation extension is needed to allow Congress more time to complete work on a new authorization to succeed SAFETEA-LU, which expired on September 30, 2009.
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