Expands lending Opportunities, Provides New Tax Incentives to Help Small Businesses Grow and Hire
(September 23, 2010 -- Washington, D.C.) Congresswoman Shelley Berkley today voted to help small businesses in Nevada and nationwide with new resources that will spur growth and create employment opportunities. The House passed The Small Business Jobs Act (H.R. 5297)on a vote of 237-187.
"This legislation provides critical funding to the SBA to ensure that Americans who want to start a small business have access to capital so they can create jobs and help bolster our economy. In Nevada and across our nation, we need to get people back to work and this small business funding bill will help us to accomplish that goal," said Berkley. "By increasing access to capital and providing additional tax savings we are helping fuel one of the main engines of the U.S. economy -- small businesses operating in Las Vegas and all across America."
The Small Business Jobs Act increases lending to small businesses and provides eight new tax incentives to encourage employers to expand and hire. The legislation also keeps jobs in America by closing tax loopholes that reward corporations for shipping jobs overseas. Included in the package is $12 billion in tax cuts, state grants for small business lending and up to $300 billion in private sector lending for small businesses.
The legislation extends bonus depreciation, allows for 100% exclusion of capital gains on investments in small business, doubles the deduction for start-up expenditures and allows self-employed taxpayers to deduct health costs for payroll tax purposes. The legislation is fully offset and will not add to the deficit.
The bill is supported by National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, 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.