Bill Will Help Hoosier Businesses Hire and Grow
Today, Brad Ellsworth voted for the Small Business Lending Fund Act and the Small Business Jobs Tax Relief Act to boost lending for and provide targeted tax relief to the over 1,250,000 Hoosier small businesses.
"The government should put in place an environment that encourages businesses to innovate and create new private sector jobs. Small businesses account for over 1 million Hoosier jobs and are the driving force behind our economy, and it's more important than ever for Congress to stand behind them. This package does just that by providing small employers with a combination of tax relief and access to new capital. This combination will allow Indiana small businesses to grow and hire hard working Hoosiers without adding one penny to the debt."
Key relief and incentive aspects of the Small Business Lending Fund Act and the Small Business Jobs Tax Relief Act:
1) Small Business Lending Fund: Delivers loans to small business on Main Street to push the recovery forward and create jobs through a new lending fund.
2) State Small Business Credit Initiative: Provides funding for new and existing state lending programs.
3) Small Business Early Stage Investment: Helps promising small business start ups through a public/private partnership designed to channel investment capital to them.
4) Spur Investment in Small Businesses: Increases the capital gains tax cut for those who invest in small businesses this year.
5) Small Business Penalty Relief: Fixes a tax shelter disclosure penalty that disproportionately impacts small businesses.
6) Increase in deduction for business start-up expenditures: Increases from $5,000 to $20,000 the deduction for start-up expenditures in connection with investigating the creation of a business
7) Crude Tall Oil: Closes a loophole that allows paper mills to claim biofuel tax credit for a byproduct known as "crude tall oil"-- a waste by-product of paper manufacturing.