Small Business
Small businesses are the engine of the American economy. In 2010, more than 60% of new jobs came from small businesses. As an entrepreneur myself, I know first-hand the challenges businesses across Western North Carolina and the country face. I am committed to using my role in Congress to help small businesses grow and prosper. Since coming to Congress in 2006, I have sponsored and voted for legislation that provides tax relief to small businesses, expands access to credit, and encourages job creation.
Increasing Entrepreneurial Opportunity
In the 111th Congress, I was proud to introduce H.R. 2352, the Job Creation through Entrepreneurship Act of 2009. This legislation passed the House 406 to 15 with overwhelming bipartisan support.
H.R. 2352 sought to expand entrepreneurial development (ED) programs within the Small Business Administration (SBA) to create jobs and provide entrepreneurs with the technical assistance and training necessary to manage a small business. This bill represented the first major overhaul of the SBA’s entrepreneurial development programs in a decade. The bill increased entrepreneurial opportunity for Native Americans by reaching out to the community and expanding access to small business contracts, and it sought to help gain resources for small businesses owned by service-disabled veterans.
The Job Creation Through Entrepreneurship Act of 2009 will use today’s technology to help small business entrepreneurs continue their education and increase networking opportunities by establishing access to distance-learning programs and establishing a nationwide peer-to-peer technical assistance network through the Small Business Administration. By using modern technology, entrepreneurs will be able to pursue their career goals with more ease than ever before.
Last Congress I was also proud to support H.R. 2965 to reauthorize and modernize the federal government’s two largest research and development programs for small business: the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. This legislation gave businesses increased access to capital and increases the size of grants through the SBIR and STTR programs. It also created a new outreach grant program to specifically help rural entrepreneurs and women, minority, and veteran business owners. This bill passed both the House and Senate and makes great strides in increasing opportunities for job growth and development.
Small Business Tax Relief
In March 2011, I joined my colleagues in the House in passing H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011, to repeal the onerous 1099 reporting requirements included in last year’s health insurance reform bill. This burdensome requirement mandated small businesses file 1099 forms with the IRS for the purchase of goods or services from a vendor totaling more than $600 a year.
H.R. 4 passed the House with strong bipartisan support 314 – 112. I cosponsored and voted for this commonsense legislation, which provides immediate relief to our small business owners and reduces the amount of paperwork they will have to do so they can focus more on job creation and less on unnecessary paper work.
Last year, Congress also passed a major tax relief package into law to help our small businesses. This tax package extended Section 179 Small Business Expensing, which allowed small business owners to buy and write off more equipment each year for use in their trade or business. Additionally, the tax relief package ensures married couples who jointly own a small business both receive credit for paying Social Security and Medicare taxes and included an enhanced tip credit to ensure employers do not lose current tax benefits when the minimum wage increases.
Becoming Energy Efficient
One of the most promising avenues of economic growth for Western North Carolina is the development of renewable energy and energy efficient technologies. In the 110th Congress, I introduced the Small Energy Efficient Business Act (SEEBA), H.R. 2389, which takes important steps in achieving that goal. SEEBA spurs investment in the production of alternative sources, such as biofuels, and the development of energy efficient technology by expanding the Small Business Investment Corporation, increasing investment in small producers. Also included in SEEBA is the creation of the Renewable Fuel Capital Investment program, an initiative designed to help small firms develop renewable energy sources and new technologies. SEEBA was a part of H.R. 3221, The Housing and Economic Recovery Act of 2008.
Learn more about opportunities through the U.S. Small Business Administration.