In the face of economic turmoil, it is important that Congress enact policies in order to spur growth and job creation. Over the last decade and a half, small businesses have created nearly two-thirds of the new jobs in our nation. On Long Island, we know the importance of these companies, and as a member of the House Financial Services Committee, I have been proud to pass legislation to help our ailing small businesses.
During the 111th Congress, I have been proud to support legislation that has put in place sixteen tax cuts for small businesses. Responsible and thoughtful tax cuts have historically freed up credit, restored liquidity, and most importantly preserved and created jobs nationwide.
I have consistently supported measures to help our nation's small businesses. Earlier this Congress, I supported incentives including: immediate tax write offs in 2009, a payroll tax holiday for those small businesses that hired unemployed workers and a $1,000 income tax credit for those that retained the employees long-term, $40 billion in tax credits to help employers afford health insurance for their employees if they choose to provide it, a provision allowing small businesses to use profits from the past five years to offset operating losses of 2008 and 2009, a reduction of estimated tax payments for small businesses in 2009, and relief for those corporations converting to S corporations in 2009 and 2010.
Most recently, the Congress has passed and the President has signed into law the Small Business Jobs Act. This bill contains eight important tax cuts, all of which are effective immediately and applicable to this year's taxes. Among other provisions, the bill provides for a 50% bonus depreciation through 2010 for small businesses, increases from 75% to 100% an exclusion on capital gains taxes for the remainder of 2010 for key small business investments if held for five years or longer, increases up to $500,000 the amount of investments that small businesses are eligible to immediately expense, a deduction of health insurance costs for the self-employed, a simplification of rules for cell phone deductions, an increase in deduction for entrepreneurs' start-up expenses, a "carry back" for general business credits to offset five years of taxes, and penalty limits for errors in tax reporting that disproportionately affect small businesses.
My focus in Washington will continue to be on jobs and restoring full employment. I will continue to work tirelessly with my colleagues in Congress to further incentivize growth in those areas of our economy that consistently are a dependable source of financial sustainability.
It's an honor and privilege to serve as your representative in Washington. I encourage you to utilize my office as a resource and stay in contact as it enables me to better represent the beliefs and values of our district. Please visit my website where you can also sign up for my electronic newsletter and receive periodic updates on my activities as your Representative in Washington.
Member of Congress