Washington, D.C. – U.S. Representative Judy Biggert (R-IL-13) joined her colleagues in Tuesday Group, a center-right coalition of House Republicans, to call for passage of their legislation designed to ease uncertainty and promote growth among small businesses.  It includes extensions of important tax relief measures long-sought by employers, reduces regulatory and paperwork burdens, and boosts small business lending programs.  Bill sponsors Mike Castle (R-DE) and Jim Gerlach (R-PA-6) joined Biggert and other co-sponsors to outline the bill, H.R. 5554, the Small Business Assistance and Relief Act, during a press conference Wednesday.

            “Small businesses are the lifeblood of our economy,” said Biggert.  “They create the majority of new jobs.  But employers cannot recover and grow when they face constant uncertainty about government policies that raise taxes, add red tape, and tighten credit.  Our bill will ease that uncertainty and provide long-term extensions of the tax relief measures job creators need most to invest in growth.”

            The Small Business Assistance and Relief Act extends for a full year the expiring tax provisions most often cited by the small business community as providing effective investment and job-creating incentives.  These include the 5-year net operating loss carryback provisions that expired in December, the 15-year recovery period for business property improvements, accelerated depreciation for equipment upgrades, increased Section 179 expensing limits, and the research and development tax credit.

            Additionally, it eases capital gains taxes on small business stocks, improves the flow of credit to small businesses through the SBA’s loan programs, and increases the deduction for new business start-ups.

            "Small businesses are the backbone of our economy and it has been made clear to me through hearings before the Financial Services Committee, as well as meetings with Delaware small business owners across the state, that taking measures to help small businesses grow should be one of Congress' top priorities," said Castle. "This bill highlights some specific needs that we can address to encourage entrepreneurship and remove some of the burdens on small businesses."

             Under the deficit-neutral bill, the cost of providing a long-term extension of small businesses tax credits and incentives is fully offset by redirecting unobligated funds from the 2009 stimulus package.

           “Small businesses owners in our community often tell me that the policies coming out of Washington – from health care to the financial overhaul – are pushing them further and further to the sidelines.  Our bill will reverse that trend and help small businesses anticipate their costs, invest wisely, and start hiring again.  We hope our colleagues on both sides will look to this plan as a common-sense approach Congress can take now to promote growth – without more bailouts or deficit spending,” said Biggert.

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