U.S. Rep. Ron Kind (D-WI), member of the powerful House Ways and Means Committee, today joined his committee in voting to improve job creation for small businesses, something he has called for repeatedly.
"Small businesses and family farms are the backbone of our economy," said Rep. Kind. "They are generating 65 percent of jobs, serve as important anchors in our communities, and are vital to our economic recovery. This bill will provide tax credits and open up the credit market for small businesses, helping them grow in this tough economic time. I will continue working to provide the resources our small businesses need to weather this economic climate and drive dollars back into our local communities."
The Ways and Means Jobs package passed through committee today includes numerous provisions focused on helping to create an environment for small business growth. The bill improves the terms of Small Business Administration (SBA) loan guarantees to help free up credit for small businesses, increases the start-up deduction for small business start-up expenditures, extends the ability for small businesses to receive reduced taxes on gains on small business stock -- which helps increase investment in small businesses, and eliminates an unfair tax penalty negatively impacting small businesses.
In addition, the bill also extends Build America Bonds, originally developed to give state and local governments the option to choose between the tax-exempt municipal bond market and the corporate taxable bond market to help them find the lowest financing costs. These savings help state and local governments stretch their dollars further. Since originally passed as part of the Recovery Act of 2009, the Build America Bonds program has helped state and local governments access the corporate taxable bond market to finance more than $78 billion in infrastructure projects. In the Third Congressional District, Elk Mound Area School District, La Crosse School District, the City of Eau Claire, the City of Tomah, and Southwest Wisconsin Technical College together have been issued $51 million in Build America Bonds for school, transit, and water system improvements, projects that may not have been funded over the last year due to the dire fiscal condition of state, county, and local governments.
"Build America Bonds will help our state and local governments fund much needed improvement projects at the best price for the American taxpayer. I am pleased this provision was included in the legislation we debated in committee today and look forward to working with my colleagues to make sure it is passed by the House of Representatives as part of an upcoming jobs package."