WASHINGTON, DC - Congress passed a bipartisan job creation bill today that will help re-energize the economy and fuel economic growth in Rhode Island and provide the state with $252 million in highway and transit funding.

U.S. Senator Jack Reed (D-RI) voted in favor of the bill, which passed 68-29, and includes tax breaks for businesses that hire unemployed workers and purchase new equipment. It also extends the Highway Trust Fund, investing in job-creating transportation projects for Rhode Island, as well as expands the Build America Bonds program, which provides low-interest financing for state and local governments to invest in infrastructure upgrades.

"This bill will help put more Rhode Islanders back to work and cut taxes for small businesses. This is just the beginning of a targeted, cost-effective approach to quickly encourage private sector job growth and provide aid to states for critical transportation upgrades," said Reed. "Again, this is a first step and we need to do more to get credit flowing to small businesses and provide additional help for middle class families. I am pleased that several Republicans voted for this jobs package and I hope we can continue to work in a bipartisan fashion."

The elements of the bill include:

• Rhode Island businesses that hire unemployed workers are eligible for a tax credit -- up to $6,000 per worker hired -- through an exemption from Social Security payroll taxes. Businesses that retain these new workers for at least one year are eligible for a $1,000 income tax credit per worker retained;

• Rhode Island is estimated to receive more than $225 million in highway funding as well as $27 million in transit funding -- a rate of return that is approximately $3 for every $1 Rhode Islanders pay into the federal highway trust fund;

• Rhode Island business owners who invest in new equipment and machinery this year will be able to expense up to $250,000 of these purchases;

• Rhode Island state agencies and every city and town will be eligible to take advantage of Build America Bonds to lower the borrowing costs of capital projects such as schools, hospitals, public utilities, and infrastructure improvements.

The bill now goes to President Obama to be signed into law.