Today, U.S. Representative Martin Heinrich (NM-1) voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses. Without adding to the federal deficit, the Small Business Jobs and Credit Act will provide eight targeted tax cuts, incentives for investment, and support entrepreneurship.
"The tax cuts and hiring incentives in this bill will provide tremendous relief to New Mexico small businesses," said Rep. Heinrich. "When small businesses are healthy they can create jobs and hire more employees, and our economy thrives."
Last week, Rep. Heinrich went to the House floor to highlight the importance of passing the Small Business Jobs and Credit Act and to urge his colleagues to support the bill. Watch the video»
The Small Business Jobs and Credit Act will provide $12 billion in tax cuts, establish a $30 billion lending fund for small and medium-sized community banks, which focus on lending to small firms, and make $2 billion available for innovative state lending programs supporting small business. This legislation is another necessary step to stop job outsourcing by ending tax incentives for companies that ship jobs overseas.
The bill passed the House 237-187 on a mostly party line vote. Having already passed in the U.S. Senate last week, it now goes to the president for his signature.