Washington, D.C. -- Today, Congresswoman Carol Shea-Porter voted for, and the House passed, the Small Business Jobs Act. This legislation, which will expand lending to millions of small businesses and offer tax incentives to help small businesses grow, is now scheduled to go to the President's desk for signature.
"Small businesses are the backbone of our economy, and we must ensure they have the resources they need in order to succeed," said Congresswoman Shea-Porter. "I voted for this bill because it increases loan access for small business owners, and provides them with important tax breaks. Small businesses have created more than two-thirds of new jobs over the last 15 years, and that is why we must continue to pass pro-business and pro-growth legislation."
The Small Business Jobs Act will give small businesses $12 billion in tax cuts, which will jumpstart new investment by supporting several new measures, including:
* Allowing for 100% exclusion of capital gains on investments in small businesses,
* Doubling the deduction for start-up expenditures, and
* Allowing self-employed taxpayers to deduct health care costs for payroll tax purposes.
The legislation will also leverage up to $300 billion in private sector lending for small businesses.
The bill is supported by the National Small Business Association, the Small Business Majority, the National Retail Federation, the National Restaurant Association, Independent Community Bankers of America, the American Bankers Association, the Financial Services Roundtable, the International Franchise Association, the Motor & Equipment Manufacturers, and the National Association for the Self-Employed.