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(Washington D.C.)- Rep. Sander Levin, a Member of the Ways and Means Committee, issued the following statement on the need to accelerate action on job creation.
“Today’s news of 4th Quarter GDP growth should light a fire under Washington to finalize action on targeted job creation proposals that will boost vital segments of economic recovery,” said Rep. Levin. “We must pull out all of the stops to provide effective incentives for businesses to accelerate the hiring of workers and we must unfreeze the credit which is holding our small businesses back.”
“I hope Republicans will be receptive to the President’s announcement of a tax credit proposal when he meets with them today and join with us to design tax credit, small business lending, and other targeted initiatives that will contribute to economic growth throughout 2010,” said Levin.
Rep. Levin has introduced legislation to eliminate capital gains tax on investments in qualified small business stock in 2010 and is working with Reps. Dingell and Peters to introduce legislation that will create a program to help manufacturers to access the financing they need to expand, diversify, and hire new workers. This Manufacturing Modernization and Diversification Act utilizes a credit support model that the Michigan Economic Development Corporation has successfully used to help manufacturers diversify their businesses. The bill would give states the resources to partner with financial institutions to directly address the cash flow and collateral problems that are preventing too many manufacturers from accessing credit.
More information on the Manufacturing Modernization and Diversification Act is available here.
More information on Congressman Levin’s proposal to eliminate capital gains tax on qualified investments is available here.
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