Warwick Rep. K. Joseph Shekarchi says when he first ran for office three years ago, the top concern he heard from constituents was about jobs.

Now, as chairman of the House Labor Committee, the lawmaker is making a new push for a bill that would provide tax incentives for businesses that create new employment opportunities.

The legislation, which Shekarchi reintroduced last week, would expand upon existing job-creation incentives for large companies, offering the same rewards to medium and small businesses.

The proposal has previously fallen short due to its potential price tag of approximately $7 million, with fellow lawmakers reluctant to lend their support given the state’s difficult fiscal situation. Shekarchi said the estimated cost does not take into account the positive impact of the initial investment, however.

“The estimate doesn’t incorporate the money these new jobs would bring in,” he said. “That estimate is going to be offset by the revenue this bill would bring in.”

Shekarchi said he believes the bill will finally move forward this year. It currently has 46 co-sponsors in the 75-member House of Representatives, and Shekarchi has the full support of Speaker House Nicholas Mattiello of Cranston.

“My primary focus is on jobs and the economy, and I find that this bill is a great way to improve both of those,” Mattiello said.

“This legislation encourages investment in our workforce by creating jobs for our state and incentivizes business to not only hire people at good wages, but to keep them at high wages.”

“This year we have a new governor that is supportive of job creation, and it goes a long way when the speaker of the House positively discusses your bill in a public way,” Shekarchi said.

Under the proposed legislation, companies expanding or moving to Rhode Island would receive a .25 reduction in their tax rate in relation to the number of “qualified” hires made proportional to their size. For larger companies, the number is 50, while for smaller businesses, it is 10.

A “qualified” hire is someone making 250 percent of Rhode Island’s now-raised minimum wage in a full-time capacity.

The bill also has a safety built in. With the 38 Studios situation in mind, Shekarchi wanted to make sure that credit was not given to companies on an up-front basis.

Businesses can only reap the rewards of the tax incentives a year after they have made the hire, and only if those same positions have remained filled throughout the year.

“This program has already been very successful with large companies,” Mattiello said. “Small and medium companies don’t always get the same access to benefits as larger companies. In speaking with the business community, I have been convinced that this bill would help improve the conditions for small business to grow and expand, helping our economy in the process.”

“This bill is all about transparency and accountability,” Shekarchi said. “This isn’t just good for huge corporations, it works for the small business. It helps business create jobs, and individuals throughout our state get good paying jobs. That’s why I think it would be great for Rhode Island.”

Shekarchi expects there to be a hearing on the bill early in February and for it to move out of the House quickly.