Today, Congressman Bill Owens voted in favor of legislation that will leverage $30 billion in lending for small businesses, creating jobs in the process. 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. The legislation passed by a vote of 241-182.
"Our small business owners are the largest drivers of our economy and it is important during tough economic times that we give our small businesses the tools they need to succeed," Owens said. "The more we invest in our local businesses, the more our communities will benefit from new quality jobs and progress toward economic recovery."
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 offers tax incentives to spur immediate investments in America's small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
"Last year, many Upstate New York small businesses seeking loans were not able to meet their credit needs," Owens added. "At a time when we should be supporting our entrepreneurs so that they can hire and expand their business, this unavailability of financial assistance is unacceptable. This bill helps to change that."
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, National Association of Realtors, the Conference of State Bank Supervisors, the American Bankers Association, Biotechnology Industry Organization and the National Bankers Association.