House Small Business Legislation

* Mr. SKELTON. Madam Speaker, one of the surest ways government can help generate economic activity, innovation, and job growth is by cutting taxes on small businesses, which are the backbone of the U.S. economy and employ more than half of all American workers.

* I have voted for and cosponsored a number of small business tax cut bills during the 111th Congress and was pleased to vote last week in support of H.R. 5486, the Small Business Jobs Tax Relief Act. Among other things, this bill would cut capital gains taxes for small businesses and would quadruple the tax deduction for business start-up expenses from $5,000 to $20,000. H.R. 5486 is common sense legislation and ought to be quickly enacted.

* Another way to stimulate business activity and create jobs is to help America's community banks lend money to small businesses. Business owners in Missouri tell me they want to expand but cannot because of a lack of financing. A second bill considered in the House last week, H.R. 5297, would allow small banks to tap into a $30 billion fund at the Treasury Department so they can issue loans to healthy small businesses thirsting for capital to expand operations and hire workers. These funds would bypass Wall Street and go directly to Missouri communities where they can do the most good for small businesses.

* Because the creation of this small bank lending fund is so important to economic development and job creation, it is supported by America's home town banks, small businesses, Realtors, and home builders, among others. I was pleased to support H.R. 5297 and encouraged that it passed the House with bipartisan support. I urge prompt action in the Senate.

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