SMALL BUSINESS

Small businesses are the engine of the American economy, and I am committed to helping them grow and prosper. As an entrepreneur myself, I know first-hand the challenges that face a small business owner. Now, as the Chairman of the Subcommittee on Rural and Urban Entrepreneurship, I am using those experiences to help small business owners across Western North Carolina and the country.

Small Business Tax Relief:

The 110th Congress has already had a major tax relief package signed into law to help our small businesses. This tax package extended Section 179 Small Business Expensing, which will allow small business owners to buy and write off more equipment each year for use in their trade or business. Additionally, the tax relief package ensures married couples who jointly own a small business both receive credit for paying Social Security and Medicare taxes and included an enhanced tip credit to ensure employers do not lose current tax benefits when the minimum wage goes up.

The bipartisan Economic Stimulus package signed into law in early 2008 also encourages small business investment and job creation by doubling the amount of capital investments that can immediately be tax deductible. Additionally, all businesses will be encouraged to invest in new plants and equipment due to accelerated depreciation. 

Increasing Access to Capital:

A small business cannot grow without access to capital. That is why I was proud to support the Small Business Lending Act, which streamlines the SBA’s 7 (a) and 504 loan programs and establishes a rural lender outreach program. This rural outreach program will reduce the paperwork burden associated with the loans, making it easier for small lenders to assist local small businesses.

Becoming Energy Efficient:

One of the most promising avenues of economic growth for Western North Carolina is the development of renewable energy and energy efficient technologies. The Small Energy Efficient Business Act (SEEBA), which I sponsored, takes important steps in achieving that goal. The SEEBA spurs investment in the production of alternative sources, such as biofuels, and the development of energy efficient technology by expanding the Small Business Investment Corporation, increasing investment in small producers.  Also included in SEEBA is the creation of the Renewable Fuel Capital Investment program, an initiative designed to help small firms develop renewable energy sources and new technologies.

SEEBA was a part of the House of Representative’s Energy Independence and Security Act, which was signed into law.

To learn more about the House Committee on Small Business, click here.

To learn more about opportunities through the U.S. Small Business Administration, click here.

PHOTO GALLERY

Congressman Shuler chairs a hearing in the Small Business Subcommittee on Rural and Urban Entrepreneurship

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