Yesterday, Congressman Bill Owens voted in favor of The Small Business Jobs Act, H.R. 5297, a bill that provides tax cuts for the middle class and spurs economic development in Upstate New York. The legislation, which is backed by the U.S. Chamber of Commerce, passed the U.S. House of Representatives Thursday by a vote of 237-187.
"As I travel around the 11 counties that make up our district, job creation is always the top concern on everyone's mind," Owens said. "This legislation encourages economic growth in the private sector by opening up a wider flow of credit to our small business owners while offering eight new tax incentives that will motivate them to hire and expand.'
The Small Business Jobs Act aims to help America's 27 million small businesses create new jobs and grow with $12 billion in tax cuts. With these incentives and access to more capital, our nation's small businesses will be able to put more Americans back to work.
Similar to many bills that Congressman Owens has supported in his first year in office, The Small Business Jobs Act serves to close tax loopholes for companies that ship American jobs overseas. Due to this provision, the legislation is fully paid for and will not add a dime to the deficit.
"Our small business owners are the main engine of the Upstate economy," Owens added. "The more we work together to support our local entrepreneurs with tax incentives, the faster we will work our way out of the recession. This bill moves New York forward, and it moves America forward."
Specific provisions of H.R. 5297 include:
* The doubling of small business expensing and extending bonus depreciation
* A 100% exclusion of capital gains on investments in small business
* The doubling of the deduction for start-up expenditures
* A deduction for self-employed taxpayers to deduct health costs for payroll tax purposes
* Leverages up to $300 billion in private sector lending for small businesses, along with state grants for small business lending
* An expansion for small business access to private capital to finance an expansion and hire new workers