WASHINGTON - U.S. Rep. John Spratt (D-SC) today voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses.
The Small Business Jobs Act, which passed the House, increases much-needed lending to millions of small businesses, and offers 8 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 foundation of our economy," said Spratt. "We owe it to them to ensure that they have a business environment in this country that helps them grow and flourish. Increased access to capital and new tax cuts will not only keep jobs in America, it will allow small businesses to make it in America."
The Small Business Jobs Act will help America's 27 million small businesses create new jobs and grow with $12 billion in tax cuts. It will make Main Street businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. 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.
"This bill will help America move forward and create jobs," Spratt said. "I was pleased to vote for it."