Today, Congressman John Yarmuth (KY-3) voted in support oflegislation that will offer billions of dollars worth of tax cuts and new lending to small businesses to help encourage growth and spur job creation in Louisville and across the country. Approved in the House of Representatives by a vote of 237 to 187, the Small Business Jobs Act creates a $30 billion lending fund that will increase the flow of capital from local community banks to small business owners nationwide.
"For entrepreneurs in Louisville to expand their operations and hire new employees, they must have access to the resources that will help them grow," said Congressman Yarmuth. "This legislation will not only help unclog the lending system and get capital flowing to thousands of small businesses in our community, it will offer new tax cuts and incentives to help them hire and expand."
The Small Business Lending fund will provide community banks with capital to lend to small businesses, lowers loan costs and fees, and raises Small Business Administration loan limits.
In addition to the new lending fund, the Small Business Jobs Act will offer extensive new tax cuts and incentives to the more than 337,000 small businesses and entrepreneurs throughout Kentucky. Provisions include:
· Doubling the tax deduction available for start-up expenditures
· Doubling tax write-offs for capital investments in equipment and machinery at small businesses
· Creating deductions for health costs for self-employed taxpayers
· Excluding 100% of capital gains for investments in small businesses
The legislation -- which is fully paid for - was approved by the Senate last week, and now heads to the President's desk where it is expected to be signed into law.