America’s small businesses have been waiting for action on the Small Business Jobs and Credit Act for far too long. The House passed the bill on June 17th by a vote of
241-182, the Senate passed it by a vote of
61-38 on September 16, 2010, with the help of two Republicans; House passage sends this measure to the President to be signed into law.
Democrats in Congress recognize that Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years. America’s 27 million small businesses continue to face a lack of credit and tight lending standards, with the number of small businesses loans down nearly 5 million since the financial crisis in 2008 under President Bush.
The Small Business Jobs Act will help small businesses create 500,000 new jobs:
- Gives small businesses $12 billion in tax cuts to spur investment, growth, new starts and hiring
- doubling and enhancing small business expensing and extending bonus depreciation
- allowing for 100% exclusion of capital gains on investments in small business
- doubling the deduction for start-up expenditures
- allowing self-employed taxpayers to deduct health costs for payroll tax purposes
- Leverages up to $300 billion in private sector lending for small businesses, along with state grants for small business lending
- Expands small business access to private capital to finance an expansion and hire new workers
- Helps Main Street businesses compete with large corporations
- Doesn’t add a dime to the deficit—is fully paid for over 10 years, closing tax loopholes and reducing the tax gap
>>Read H.R. 5297, the Small Business Jobs and Credit Act of 2010
>>Read a summary of the bill
>>Read the Committee Report, H.Rept. 111-499
>>Read what groups supporting the bill are saying
>>Read the press release