Congressman Scott Murphy (NY-20) today released the following statement after President Obama signed the H.R. 5297, the Small Business Jobs Act, which immediately expands much-needed lending to small businesses and offers tax incentives to help small businesses grow and hire during this tough economic time:
"We must continue to make sure that small businesses have access to the capital they need to start, expand and hire during these tough economic times. The bill the President signed today will help small businesses across Upstate New York right away. We need to continue to remove the financial and regulatory hurdles facing our small businesses, and increase the access to capital that will enable them to grow. As a businessman, I will continue to work to make sure that we invest in the public-private partnerships that will help our small businesses to continue to drive our recovery."
Over the past 15 years, small businesses have been responsible for creating two-thirds of all new jobs. Using his business background, Murphy fought for many of the provisions included in this final legislation, including, 100 percent exclusion of small business capital gains, increased Small Business Administration (SBA) loan limits, and the temporary suspension of loan fees for SBA loans. In addition, the bill allows businesses to immediately write off 50 percent of the cost of new equipment investments in 2010 and allows self-employed individuals to deduct health insurance costs when in paying the self-employment tax in 2010.