Washington, DC -- Congressman Eliot Engel (D-NY-17) voted in favor the Small Business Jobs Act (H.R. 5297) today to provide tax cuts and support for America’s small businesses, enabling them to create 500,000 new jobs.  The House had previously passed this bill, but after the Senate slightly amended it last week before passage, the House was required to again consider it.  It passed the full House by a vote of 237 to 187, with only one House Republican voting in favor of creating these jobs.

“The needs of small businesses should outweigh the politics of midterm elections.  Businesses are suffering and far too many potential workers are standing on the unemployment lines waiting for a chance to earn an honest living.  I found it to be quite disappointing to see this vote break down, once again, along party lines.  Our focus should be on helping small businesses and workers, not making things easier for larger corporate interests.  Those interests ran amok for far too long, helping to lead our country almost into a depression,” said Rep. Engel.

The Small Business Jobs Act to 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

“Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years.  New York has 1.9 million small businesses (including those with no employees), and 440,510 small firms (employers with less than 500 employees).  Those small firms employ over half of the state.  They are struggling, just as small firms in the other 49 states are struggling.  Since the 2008 financial crisis in President Bush’s final days, the number of small business loans is down nearly five million nationwide.  Times are tough, and House Democrats will continue to find ways to help businesses recover and restore our economy to prosperity,” said Rep. Engel.

The bill is supported by National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women’s Foundation, International Franchise Association, Motor & Equipment Manufacturers, and National Association for the Self-Employed.

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