Today, Congresswoman Barbara Lee (D-CA) voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses. The Small Business Jobs Act increases much-needed lending to millions of small businesses, and offers 8 new tax incentives to companies, so that they may expand, hire, and fuel our economy. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.
"Small businesses have and continue to be the backbone of our economy. Over the last 15 years, the have created two-thirds of the new jobs. The passage of this legislation was a crucial step to moving our economy forward.
"Ironically, on this same day House Republicans stood at a small business in Virginia to introduce their new agenda that calls for tax breaks for America's small businesses, they came back to Washington to vote against tax breaks for small businesses.
"This legislation will give small businesses a much needed boost through tax-incentives so that they can begin to put people back to work."
The Small Business Jobs Act will help America's 27 million small businesses create new jobs and grow with $12 billion in tax cuts. It will make Main Street businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. With tax cuts and access to more capital, our nation's small businesses will be able to put more Americans back to work. The Small Business Jobs Act takes another step to end job outsourcing by ending tax incentives for companies that ship jobs overseas. Finally, this bill is fully paid for and will not add a dime to the deficit.