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Rep. Paulsen Cosponsors Legislation to Support Small Business
07/27/10FOR IMMEDIATE RELEASE: July 27, 2010
Rep. Paulsen Cosponsors Legislation to Support Small Business
Extends Tax Relief, Reduces Regulatory Burdens, Boosts Lending
Washington, D.C. – With the American economy still struggling small businesses have the ability to be the engine that drives our nation’s economic recovery. As a champion of small business and entrepreneurship, Representative Erik Paulsen (MN-03) is cosponsoring H.R. 5554, the Small Business Assistance and Relief Act, legislation that will provide tax relief, reduce regulatory burdens and boost lending to small businesses.
“Small businesses are integral to the success of our economy,” said Rep Paulsen. “They drive innovation, provide Americans with good paying jobs and bring stability to local communities. At a time when unemployment is over 9 percent nationally, giving our job providers the tools they need to grow jobs is critical. This legislation is a pro-growth, commonsense approach to reviving our economy and I’m proud to support it.”
The Small Business Assistance and Relief Act would:
- Extend tax relief for small businesses and extend the R&D tax credit.
- Enhance Section 179 expensing limits which provide incentives to invest in business.
- Increase the new business start-up deduction from $5,000 to $20,000.
- Ease regulatory burdens by ensuring that small businesses do not spend more than 200 man-hours annually complying with federal regulations. The bill would also require a Government Accountability Office report on the burdens federal regulations impose on small businesses.
- Expand access to credit by increasing the maximum loan size allowed under the 7(a) program. This would create a direct lending capital backstop program for small businesses and enhance the microloan program.
- Offset additional government spending by using $53 billion in unobligated stimulus funds.
Rep. Paulsen will join a number of his colleagues at a Tuesday press conference in support of the Small Business Assistance and Relief Act and other pro small business legislation.
For more information on Paulsen’s work in Congress, please visit www.paulsen.house.gov.
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