Saying the American people are tired of Washington bailouts, Congressman Leonard Lance (NJ-07) today voted against $32 billion bailout legislation known as TARP 3.0. The measure passed the House of Representatives by a vote of 241-182.
"This $32 billion proposal put forth by the Democratic Leadership is yet another taxpayer-funded bailout that will drive up our $13 trillion national debt and crowd out funding in the private market for New Jersey's small businesses," Lance said. "Instead of learning from the mistakes of the first two TARP bank bailout bills, the Majority Party has recklessly passed TARP 3.0."
For his part, Lance is the co-author of the "Small Business Assistance and Relief Act" -- legislation that would provide important tax relief to small businesses and reduce regulatory burdens.
Specifically, the Small Business Assistance and Relief Act would:
* Extend until 2012, tax relief for small businesses including the 5-Year Net Operating Loss Carryback, the 15-year recovery period for qualified leasehold improvement, restaurant, and leasehold property, and bonus depreciation;
* Enhance Section 179 Expensing Limits which provides an incentive to invest in the business;
* Increase the new business start-up deduction from $5,000 to $20,000;
* Reduce regulatory burdens by ensuring any federal regulation does not require a small business to spend more than 200 man-hours annually on paperwork, applications, or petitions, and requiring a GAO Report on the burden federal regulations impose on small businesses;
* Improve lending to small businesses by increasing the maximum loan size in the 7(a) program, creating a direct lending Capital Backstop program for small businesses, and enhancing the microloan program.
"Small businesses do not need bailouts. They need free-market solutions to grow, expand and hire. My legislation will help New Jersey's small businesses by extending tax relief, reducing regulatory paperwork and increasing the number of small business loans," Lance concluded.