Rep. Hank Johnson (GA-04) voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses.
The Small Business Jobs Act 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 the economy. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.
"This bill will create jobs and help boost the quality of life in our communities," said Johnson. "Small businesses are the economic engine that fuel job growth and will propel our continued recovery. This will give our small businesses the tax cuts and lending they need to be flexible and grow."
The bill now goes to President Obama's desk for his signature.
The Small Business Jobs Act will help the nation'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, small businesses will be able to put more Americans back to work. The bill is fully paid for and will not add a dime to the deficit.
"In spite of rampant Republican opposition, obstructionism, and delay, we have passed a bill that moves America forward," said Rep. Johnson. "While Congressional Republicans are fighting to protect big corporations, Big Oil, and Wall Street, we are fighting for Main Street and job creation. We won that fight today, and as a result, small business in Georgia will win, too."
Even as Congressional Republicans stood at a small business in Virginia to introduce their new agenda that calls for tax breaks for America's small businesses, they returned to Washington to vote against tax breaks for small businesses. Republicans have voted against 15 of the 16 tax breaks for small businesses this Congress has enacted.