Today, Congresswoman Suzanne Kosmas (FL-24) helped pass legislation to expand much needed lending to Central Florida's small businesses and offer tax incentives to help small businesses grow, hire, and fuel our economy. With passage in the House, the Small Business Jobs Act (H.R. 5297) now goes to the President to be signed into law.
"Small businesses are the leading job creators in our economy, but their growth has been hindered by restricted credit markets," said Suzanne Kosmas. "This legislation will open up credit markets and provide the tax incentives that are needed for small businesses across Central Florida to continue to grow and create jobs. I am also glad the bill includes my measure to eliminate capital gains tax on small business investment, which will spur growth and provide relief for local businesses."
The Small Business Jobs Act creates a $30 billion Small Business Lending Fund to provide community banks with capital to increase small business lending. The fund is limited to the smallest banks, those holding $10 billion or less in assets, with key performance-based standards to incentivize those lenders that extend new credit to small businesses.
The legislation also provides tax cuts for small businesses to spur investment, growth, new starts and hiring. The bill includes Kosmas-sponsored measures that allow for 100% exclusion of capital gains on investments in small business, double the deduction for start-up expenditures, allow self-employed taxpayers to deduct health costs for payroll tax purposes, and double and enhance small business expensing and extending bonus depreciation.
The legislation is supported by the National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women's Foundation, International Franchise Association, Motor & Equipment Manufacturers, and National Association for the Self-Employed.