Congressman Steve Kagen, M.D. is working hard to get small businesses access to the credit they need to help rebuild our economy. Today, the House of Representatives voted in favor of the "Small Business Jobs and Credit Act" that will leverage $300 billion in lending for small businesses and help create the jobs we need.
"As I travel across Northeast Wisconsin, small business owners tell me the same thing," said Kagen. "To stay alive and put Wisconsin back to work, small businesses need a break on their taxes and access to credit. And, soon they're going to get it."
The Small Business Jobs and Credit Act, which includes Kagen's "Loans for Main Street" amendment, expands much-needed lending to small businesses and offers tax incentives to help America's small businesses grow.
"Our small businesses will continue to be the engine of our economic recovery," continued Kagen. "Two-thirds of the new jobs over the last 15 years were created on Main Street and this bill will give our small businesses the capital they need to be successful."
The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new $30 billion lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
The Small Business Jobs and Credit Act also lowers the capital gains taxes on small business investments, and increases tax deductions to help entrepreneurs recover more start-up expenses.
This legislation, which expands much-needed lending to small businesses and offers tax incentives to help America's small businesses grow, is fully paid for and will save taxpayers $1 billion over the next ten years.