Rep. Gene Green Supports Expanded Small Business Economic Recovery

Press Release

Rep. Gene Green (TX-29) voted for further economic relief for Main Street and expanded investment in small businesses by supporting H.R. 5486, the Small Business Jobs Tax Relief Act. The bill was passed in the House with a bipartisan vote of 247-170.

"Small businesses continue to be the economic engine of our economy," Rep. Green said. "As Congress continues our economic recovery efforts, it is vitally important that we support the small businesses across our country in every way we can."

H.R. 5486 will increase the capital gains tax cut for those who invest in small businesses this year and will exclude 100% of capital gains income for stock in small businesses purchased from March 15, 2010 to January 1, 2011. The legislation will also fix a tax shelter disclosure that disproportionately impacts small businesses. Endorsed by the Small Business Council of America, the bill makes penalties for failing to disclose reportable transactions to underlying tax savings. Some businesses were assessed penalties as high as $300,000 for receiving a tax benefit of as little as $15,000.

The Small Business Jobs Tax Relief Act will also increase the deduction for business start-up expenditures, up to $20,000, and allow more businesses to qualify for the maximum deduction. Entrepreneurs will be permitted to recover more start-up expenses so they can focus more on hiring new workers and growing their businesses.

"As small businesses continue to face a lack of credit amid tight lending standards, this bill spurs investment and gives start-up businesses more control to grow and hire new workers," Rep. Green continued. "As we also look to the fiscal responsibility of the government, the costs of this legislation are paid for by closing tax loopholes in gift rules and limiting biofuel tax credits to fuels that are not highly corrosive."

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