BREAK IN TRANSCRIPT
Mrs. HAGAN. Madam President, I rise today to speak in support of the Small Business Tax Cut and Job Creation Act.
Families throughout North Carolina are facing a difficult economy right now. I have said repeatedly that the people of our State cannot wait until after the election for Congress to work on solutions to speed up our economic recovery. That is why I am pleased the Senate has agreed to consider this small business legislation.
This is a bill that will help North Carolinians get back to work this year in industries such as health care, finance, construction, manufacturing, and retail.
This legislation supports businesses that expand payroll or invest in new equipment, and there are estimates that it will put 27,000 unemployed people in my State back to work. It does this by creating an incentive for North Carolina small businesses to add new jobs in 2012 by giving businesses a 10-percent income tax credit on new payroll.
And it encourages businesses to make new investment by extending the 100-percent business deduction on qualified property. Providing real tax relief that lowers the cost of doing business should be a bipartisan idea and it is one I will support.
I also want to express my deep appreciation to the Small Business Committee chair, Senator Landrieu, for including a proposal of mine in her SUCCESS Act amendment. This amendment would put us on the path to establishing a common application for small businesses to apply for Federal assistance across agencies, across departments, and programs with a single application.
Frequently I hear from small business owners who tell me that government redtape is preventing them from growing their businesses and creating jobs. We need to slim down this bureaucratic redtape. I believe our small business should not have to be responsive to the whims of the Federal bureaucracy. The Federal Government needs to be responsive to the needs of our small businesses.
In February, I introduced the Small Business Common Application Act, which would establish a common application that allows small business owners to apply for grants, seek technical assistance, and bid on contracts from the Federal Government with a single form. It would function much like the common application students use today to apply to multiple colleges and universities.
Senator Landrieu's amendment would put us on the path toward creating a common application by establishing an interagency executive committee with representatives from 12 different agencies and departments that will report back to Congress and the SBA within 270 days on whether a common application is feasible.
This is a commonsense bill that I believe both sides of the aisle can agree to to cut the paperwork burden on our small business owners.
I ask unanimous consent that all time spent in quorum calls be equally divided.
BREAK IN TRANSCRIPT