U.S. Rep Gabrielle Giffords Praises New Law That Supports Small Businesses

Press Release

U.S. REP. GABRIELLE GIFFORDS PRAISES NEW LAW THAT SUPPORTS SMALL BUSINESSES

U.S. Rep. Gabrielle Giffords praised a new law that went into effect today that will help small business owners by easing the impact of the new federal minimum wage law. Giffords supported both the minimum wage increase and the Small Business Tax Relief Act, as a two-part package that provides a boost for both workers and small business owners.

The Small Business Tax Relief Act extends the business expensing tax deduction for one year and raises the cap to $125,000. It also extends through 2011 tax credits for businesses that hire disabled veterans and other workers in areas where the population is declining. In addition, the law also helps keep family businesses financially strong by ensuring that married couples who jointly own a small business both receive credit for Social Security and Medicare taxes.

Congresswoman Gabrielle Giffords characterized the enactment of the two laws as a "landmark day for businesses and workers in our country." She added, "I am a strong proponent of a higher minimum wage for all workers, but as a former small business owner, I know personally how difficult it can be to absorb cost increases. We want to keep all of our small businesses growing and generating new jobs, and the Small Business Tax Relief Act helps make that happen."

Bill Valenzuela, owner and chief executive officer of Valenzuela Drywall in Tucson, said that the new laws will provide an important assist for small business owners.

Mr. Valenzuela commented that, "Congresswoman Giffords knows first-hand how difficult it can be on small business owners to increase wages while other costs of doing business are also on the rise. I join the Congresswoman in supporting a higher minimum wage, but also support the tax credits that help assure that disadvantaged workers are hired. These bills create a win-win situation that will help assure our local economy continues to grow."

The Tucson lawmaker noted that this law passed through Congress with strong bipartisan support. As a member of the Blue Dog Coalition she believes fiscal responsibility, collaboration and consideration of a variety of interests can lead to successes such as the dual enactment of the minimum wage hike and the Small Business Tax Relief Act.

"When we can cross the aisle and work together in Congress and enact two great pieces of legislation that meet the needs of workers and small business owners, we are serving the needs of all Americans in a way that brings the greatest benefit to our economy and our nation" Giffords said.

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