Targeted Job Creation and Business Investment Act - Allows a reduction in 2010 and 2011 of an employer's payroll taxes by a specified percentage of the amount by which such employer increases aggregate payroll over the preceding calendar year for employees in high unemployment areas hired after February 3, 2010, and before January 1, 2012.
Amends the Internal Revenue Code to make permanent the tax credit for increasing research activities, bonus depreciation, and the increased (to $250,000) expensing allowance for depreciable business assets.