Reaffirming his support for small businesses as an agent for job creation and economic growth, Congressman John F. Tierney (D-MA) today voted in support of the Senate amendment to the Small Business Jobs and Credit Act of 2010 (H.R. 5297). The legislation, which passed by a vote of 237 to 187, had stalled in the Senate after being approved in the House in June. With today's action, the bill now awaits the President's signature.
"Small business owners across the district consistently tell me that they continue to face obstacles in accessing the necessary credit. As part of ongoing efforts to revive our local economy and support small businesses, I am pleased that this legislation will improve lending to small businesses, offer tax incentives that will help strengthen small business hiring and encourage innovation and entrepreneurship on Main Street," said Congressman John Tierney (MA-06).
The legislation, which establishes a $30 billion lending fund for small businesses, is fully paid for, which means it will not add to the nation's deficit. Included in the bill are provisions that increase Small Business Administration (SBA) loan limits and that will help small businesses export their goods. The Small Business Jobs and Credit Act also provides tax incentives for small businesses including:
* No taxes on capital gains from key small business investments;
* Extending and expanding 4.5 million small businesses' ability to immediately expense capital investments;
* An increase in the deduction for entrepreneurs' start-up expenses;
* A new deduction of health insurance costs for 2 million self-employed Americans;
* Tax relief and simplification for cell phone deductions;
* Limitations on penalties for errors in tax reporting that disproportionately impact small business;
* Extending through 2010 a Recovery Act provision for 50% "bonus depreciation" for 2 million businesses, large and small, providing them with incentives to invest in plants and equipment by accelerating the rate at which they can deduct capital expenditures; and
* A five-year carryback of general business credits.
In his continued effort to help local small businesses "make it in America" Tierney recently hosted a workshop for companies looking to expand their businesses by selling their goods overseas and also convened a group of small business and workforce development leaders to discuss ways to enhance "green job" creation in the region.