Jeff Bingaman United States Senator from New Mexico

 WASHINGTON - U.S. Senators Jeff Bingaman and Tom Udall today said New Mexico will receive $1.108 billion from the American Recovery and Reinvestment Act to create 22,000 jobs throughout the state. Additional provisions in the bill will provide tax breaks to thousands of New Mexico families.

The measure passed today 60-38; it can now be sent to President Obama for signature.

"New Mexicans are suffering from this terrible economic downturn.  With the passage of this bill, help is on the way.  The $1.108 billion set aside for New Mexico will allow us to create good jobs while improving our state's roads, renovating schools and addressing a variety of other needs.  In addition to the investments we'll be able to make through this bill, thousands of New Mexico families will receive tax relief," Bingaman said.  "I'm very glad we were able to get this bill done and to the president."

"With New Mexico families struggling and the country facing the prospect of an economic catastrophe, this legislation provides the kind of bold action that we need," said Udall.  "It combines responsible investments that will create jobs now with tax relief for almost every American family.  It will help us get our economy producing jobs again while laying the groundwork for a more prosperous future.  I am pleased that this legislation includes the provision I wrote to help our veterans find jobs, though I am disappointed that my plan was changed to exclude some veterans who deserve support.  I will continue working to ensure that nobody who serves this country and has the skills to work is trapped in unemployment."

As a member of the Senate Finance Committee, Bingaman was able to ensure inclusion in the bill of a 30 percent tax credit for companies - like Schott, Advent Solar, Emcore and Nanopore - that invest in facilities to manufacture renewable energy technologies, like solar panels.  This will be the first U.S. tax credit specifically intended to attract manufacturers of solar, wind, and other renewable energy equipment to U.S. soil.

Bingaman also was able to incorporate into the stimulus package a bill that he drafted to stimulate demand for municipal bonds - and thus enable communities to obtain the financing they need to make infrastructure improvements - by allowing banks to hold up to 2 percent of their assets in municipal bonds, on top of an unlimited amount of "small issuer" debt (for which Bingaman expanded the definition to include municipalities that issue $30 million or less in debt each year, up from the prior $10 million limit). This provision will enable counties, cities, school districts, and other municipal issuers across New Mexico to more affordably finance critical infrastructure projects - ranging from school construction to road repairs.

Udall won unanimous support in the Senate for an amendment he wrote to expand tax incentives to employers who hire veterans. The provision expanded tax incentives for veterans discharged only from 2008, 2009, and 2010, to veterans discharged from the Armed Services from September 2001 through December 2010, including veterans of Operation Enduring Freedom and Operation Iraqi Freedom. Bureau of Labor Statistic reports that of those veterans who served in our military since September 2001, 6.1 percent were unemployed and the economy has worsened. At the same time, the jobless rate for veterans of all eras combined was 3.8 percent in 2007.  During a House-Senate conference committee, the Udall provision was altered and the final provision allowed employers to receive the credit if the veteran being hired was discharged from the Armed Services within the past five years.

The bill also lowers the income threshold to qualify for the child tax credit from $8500 to $3000, allowing an additional 130,000 New Mexico children will benefit.