House Passes Small Business Jobs and Credit Act
Today, the U.S. House of Representatives passed legislation to strengthen small businesses and create jobs. The Small Business Jobs and Credit Act will leverage $300 billion in lending and offers tax incentives to help America’s small businesses grow. The legislation is fully paid for and will save taxpayers $1 billion over the next ten years.
“In the past 15 years, Minnesota’s 450,000 small businesses have created over two thirds of all the new employment in our state,” said Congressman Jim Oberstar. “Ensuring that small businesses have access to credit is one of the single most important things Congress can do to create jobs.”
The Small Business Jobs and Credit Act will help small businesses by establishing a new $30 billion lending fund which will leverage up to ten times as much additional private lending activity. Tough performance-based incentives and safeguards are built in to ensure that funds go to small business that will spur job creation. The legislation will also provide tax relief by lowering capital gains taxes on small business investments, and increasing tax deductions for entrepreneurs who are starting up new small business ventures.
“We need to ensure that Americans who are willing to invest their own hard work and savings in a small business have every opportunity to succeed,” said Oberstar. “Ensuring that Main Street businesses can grow and create new jobs is a vital part of our economic recovery.”
The Small Business Jobs and Credit Act has been endorsed by a variety of organizations, including the National Small Business Association, the Small Business Majority, the National Association of Realtors, and the Biotechnology Industry Organization.