As both Democrats and Republicans stress to show voters they're committed to turning the economy around, two proposals were introduced to the U.S. House of Representatives to encourage hiring and small business investments, The New York Times reports.

The Tax Relief and Job Creation for Small Business Act will provide an income tax credit to companies that expand their payrolling in 2012. What's more, employers that didn't sport a payroll in 2011 could use 80 percent of their 2012 payroll to compute credit, with a maximum credit of $500,000.

A second proposal will attempt to extend a temporary bonus depreciation deduction from 2011 that let businesses accelerate the time in which they could recover costs of capital investments.

These proposals come in the wake of the passing of the JOBS Act, which aimed to help small businesses attract investment capital by lowering strict federal regulations stemming from the 2002 Sarbanes-Oxley Act, the San Francisco Chronicle reports.

"Democrats have kept a consistent focus on common-sense measures for creating jobs," Adam Jentleson, a spokesman for Senate majority leader Harry Reid, told the Times. "And this bill continues that focus by providing incentives for small business owners to expand and hire new employees are working together to create jobs."

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