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Senate passes $15 billion jobs bill to spur employment

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NEW YORK (CNNMoney.com) — Senators approved a $15 billion job-creation bill on Wednesday, which would give businesses tax breaks for hiring the unemployed and states more money for infrastructure projects.

The four-prong bill would:

*Exempt employers from Social Security payroll taxes on new hires who were unemployed;

*Fund highway and transit programs through 2010;

*Extend a tax break for business that spend money on capital investments, such as equipment purchases;

*Expand the use of the Build America Bonds program, which helps states and municipalities fund capital construction projects.

The legislation, approved by a 70-28 vote, is a scaled-down version of an $85 billion bipartisan draft bill that was crafted by Sens. Max Baucus, D-Mont., and Charles Grassley, R-Iowa. Some 13 Republicans, including newly elected Sen. Scott Brown, R-Mass., supported the measure.

Full story: Senate passes $15 billion jobs bill to spur employment – Feb. 24, 2010