As part of his efforts to help small businesses continue to be the economic engines that they are for Ohio, Congressman Zack Space (OH-18) voted for major job-creating legislation that will provide $15 billion in tax cuts for small businesses and open up greater access to credit.
"Small businesses create the vast majority of new jobs, and they can't wait any longer for help," Space said. "We need small businesses to create jobs. Period. I am appalled that some of my colleagues don't want to provide tax cuts and credit access that will allow small businesses to invest. Small businesses are struggling to make ends meet without access to adequate credit. With this bill we are taking action to change that."
The bill was supported by the U.S. Chamber of Commerce, the American Farm Bureau, the National Federation of Independent Business, and the National Association of Manufacturers.
According to the U.S. Census Bureau, small businesses are responsible for 90 percent of all net new jobs in the U.S. The bill, H.R. 5297, the Small Business Lending Fund Act of 2010, passed the House of Representatives this afternoon. The Senate passed the motion earlier this week.