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The draft of Senate jobs legislation unveiled by Finance Committee leaders would extend a number of tax code provisions expired as of Dec. 31, 2009, and includes other tax provisions that in part would allow for private-sector employers to bypass their 6.2 percent share of Social Security payroll taxes on workers they hire in 2010. The draft legislation also looks to spur job creation by extending Section 179 expensing thresholds from 2008 and 2009 and allowing tax credit bonds to be converted to Build America Bonds. However, Senate Majority Leader Reid says different provisions will be removed from the draft legislation and moved as separate legislative packages. The draft bill also would provide temporary, targeted funding relief for single-employer and multiemployer pensions that suffered significant losses in 2008 and would generate a 10-year projected $6 billion in revenue, Sens. Baucus and Grassley say. Private sector organizations back the attachment of extensions for a number of expired tax code provisions, such as the research and development credit, to the jobs bill.
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