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Committee on Financial Services
United States House of Representatives
Small Business Jobs and Credit Act of 2010, H.R. 5297
America’s small businesses have been waiting for action on the Small Business Jobs and Credit Act for far too long. The House passed the bill on June 17th by a vote of 241-182, the Senate passed it by a vote of 61-38 on September 16, 2010, with the help of two Republicans; House passage sends this measure to the President to be signed into law.
Democrats in Congress recognize that Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years. America’s 27 million small businesses continue to face a lack of credit and tight lending standards, with the number of small businesses loans down nearly 5 million since the financial crisis in 2008 under President Bush.
The Small Business Jobs Act will help small businesses create 500,000 new jobs:
- Gives small businesses $12 billion in tax cuts to spur investment, growth, new starts and hiring
- doubling and enhancing small business expensing and extending bonus depreciation
- allowing for 100% exclusion of capital gains on investments in small business
- doubling the deduction for start-up expenditures
- allowing self-employed taxpayers to deduct health costs for payroll tax purposes
- Leverages up to $300 billion in private sector lending for small businesses, along with state grants for small business lending
- Expands small business access to private capital to finance an expansion and hire new workers
- Helps Main Street businesses compete with large corporations
- Doesn’t add a dime to the deficit—is fully paid for over 10 years, closing tax loopholes and reducing the tax gap
>>Read H.R. 5297, the Small Business Jobs and Credit Act of 2010
>>Read the Committee Report, H.
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