Congressman Mark S. Critz (PA-12) voted today to spur economic development and create new jobs by encouraging the growth of American small businesses. The Small Business Jobs Act increases much-needed lending to millions of small businesses, and offers eight new tax incentives to companies, so that they may expand, hire, and fuel our economy. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.
"Small businesses are the backbone of our economy," said Critz. "We owe it to them to ensure that they have a business environment that helps them to grow and to create new jobs."
The Small Business Jobs Act will lay a foundation to help entrepreneurs and small businesses create jobs by providing $12 billion in tax cuts and unleashing up to $300 billion in loans. With tax cuts and access to more capital, our nation's small businesses will be able to put more Americans back to work. The Small Business Jobs Act takes another step to end job outsourcing by ending tax incentives for companies that ship jobs overseas. Finally, this bill is fully paid for and will not add a dime to the deficit.
The House passed this legislation today by a vote of 237-187. The legislation now heads to the President for his signature.