Small businesses are a cornerstone of our communities and a major driver of American economic growth. In fact, small businesses create over sixty percent of new jobs in the United States. I am committed to working with Delaware’s entrepreneurs and connecting them with resources to help them improve their viability and create new jobs.  I will continue to look for ways the federal government can better support their growth and avoid burdensome regulations. America’s continued role as a global leader in innovation depends on the success of our nation’s small businesses.

• Reducing tax and regulatory burdens: Modernizing regulations is an important priority for our nation’s small business owners. There are dozens of federal agencies with recommendations for improving the regulatory environment. I introduced a bipartisan proposal to ensure that Congress votes on a comprehensive package of regulatory reforms, instead of dozens of members introducing dozens of pieces of legislation that end up stalled by special interests and parochial concerns. By passing this legislation, we ensure an ongoing process by which Congress works with the Executive Branch to modify outdated and ineffective regulations, while maintaining necessary federal rules and safety standards. In addition, the first piece of legislation I cosponsored last Congress was a repeal of the 1099 tax reporting mandate, which would have been particularly onerous for small businesses. I also helped introduce a measure to extend a higher tax deduction for small business start-up costs.


• Improving access to credit: Increasing small business lending is vital to our economic recovery. Since the financial collapse in 2008, small businesses across the country have had trouble accessing the credit they need to make investments in their organizations. As a member of the Financial Services Committee, I study this issue extensively and have worked to improve the situation by helping our local community banks succeed in the face of new challenges. Our community banks are essential in providing loans to small business owners in Delaware. I’ve also introduced legislation to enhance the effectiveness of the Small Business Lending Fund and facilitate investments in small businesses.


• Promoting innovation: Small businesses need to be able to attract the talent they need to succeed in an increasingly competitive global marketplace. Ensuring that our students are equipped with science, technology, math, and engineering skills is essential to keeping companies here in America. We also need to incentivize companies to do business here, which is why I introduced legislation to increase and make permanent the Research & Development tax credit. In addition, I worked with my colleagues to develop legislation that would give new companies a 20 percent tax credit if they built their first factory in the United States. Finally, I have been a strong proponent of patent reform, which will improve the speed and affordability of patent approvals, a key issue for many entrepreneurs thinking about starting a company.

Related Press Releases

Related Sponsored Legislation

Name of bill: Research and Development Tax Credit Extension Act
H.R. Number: H.R. 1693
Date Introduced: 5/4/2011
Description: Increases the business research and development tax credit from 14 percent to 17 percent and makes it permanent to help stimulate economic growth.
Full bill text