Today, Rep. Charlie Wilson (OH-6) voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses. The Small Business Jobs Act increases much-needed lending to millions of small businesses, and offers eight new tax incentives to companies, so that they may expand, hire, and fuel our economy. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.
"If we want to spur job creation in this country, we have to support small businesses," said Wilson. "I have run a small business, and I know that small business owners need the relief and incentives offered in this legislation."
The Small Business Jobs Act will help America's 27 million small businesses create new jobs and grow with $12 billion in tax cuts. It will make Main Street businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. With tax cuts and access to more capital, our nation's small businesses will be able to put more Americans back to work. The Small Business Jobs Act takes another step to end job outsourcing by ending tax incentives for companies that ship jobs overseas. Finally, this bill is fully paid for and will not add a dime to the deficit.