The bill, HR 952, is also called the Main Street Revival Act. The act would allow some small businesses in economically depressed areas to defer their first year of payroll taxes to help spur economic development in the East Bay.
Swalwell's proposed legislation would limit the tax deferral to new businesses with fewer than 25 employees in specific zones designated by the Small Business Administration.
The congressman will hold a news conference this afternoon at 12:30 p.m. to formally announce the bill. He'll speak in front of empty storefronts on the corner of B and Main streets in Hayward to highlight one of the neighborhoods that would benefit from the legislation.
Swalwell will be joined at the event by business, community and political leaders in Hayward and the surrounding areas.
During his recent campaign, the 15th District congressman promised that his first bill would focus on economic development to help create jobs and grow the local economy.
Swalwell was elected in November 2012, beating longtime Democratic Congressman Pete Stark.