Since taking office last April, Murphy has consistently supported increased small businesses lending and voted to lower taxes and extend tax relief for Upstate small businesses. Congressman Murphy has made working for small businesses a priority in his first year.
• The Business Checking Fairness Act – Congressman Murphy introduced legislation to level the playing field for small businesses. The bill would repeal an outdated law that prevents small business owners from earning interest on business checking accounts. The bill was included as an amendment to The Wall Street Reform and Consumer Protection Act, which passed the House on December 11, 2009.
• The Job Creation through Entrepreneurship Act – Congressman Murphy introduced an amendment to expand small business opportunities for veterans. The legislation would increase funding for organizations that help veterans start small businesses as they transition to civilian life. The amendment was agreed to by voice vote and was included in the final bill, which passed the House with bipartisan support on May 20, 2009.
• The Small Business Formation and Creation Act – Congressman Murphy helped introduce legislation to increase the tax deduction for small business startup expenses from $5,000 to $20,000 and increases the phase out limit from $50,000 to $75,000. The legislation would provide businesses with the capital they need to create jobs, invest, and grow the economy.
• Increase the R&D Tax Credit and Make it Permanent – Congressman Murphy helped introduce legislation that would increase the Alternative Simplified Research and Development tax credit (ASC) from 14 percent to 20 percent and make the credit permanent.
• Small Business Loans —Congressman Murphy has voted to reauthorize and modify the Small Business Administration (SBA) loan programs. It would authorize $20 billion in FY 2010 and 2011 for SBA 7(a) loans, and $9 billion in fiscal 2010 and $10 billion in fiscal 2011 for loans to small businesses working to address community development goals. It would extend some stimulus programs to allow the SBA to increase loan limits and authorize additional loans to renewable-energy industries and businesses in low-income communities and rural areas. It would provide loan guarantees to health care professionals purchasing health information technology.
• Fought to make health insurance affordable for small businesses—Congressman Murphy fought hard to ensure that the health care reform legislation would work for small businesses. The bill that it recognizes that it is simply unaffordable for some small businesses to offer insurance. As a result, the legislation exempts all small businesses with fewer than 50 employees from this responsibility. It also offers immediate tax credits for up to 35% of employer contribution to coverage, and a 100% tax credit for businesses with employees averaging less than $25,000 in annual wages.
• Renew Upstate New York—Congressman Murphy has put forth his Renew Upstate New York plan which is based on four pillars, Small Business, Energy, Infrastructure, and Education.
• Small Business Forums—Congressman Murphy has hosted several small business forums to discuss access to capital and the SBA loan program.
