WASHINGTON – Congresswoman Carol Shea-Porter voted in favor of legislation that will help small businesses grow and prosper. The Small Business Jobs and Credit Act (H.R. 5297), which passed the House today, will help provide loans to small businesses by increasing funding to small and medium sized community banks. The Small Business Jobs Tax Relief Act (H.R. 5486), which passed the House yesterday, will provide important tax incentives to small businesses, which will help create jobs.
“Over the past 15 years, small businesses have been responsible for two-thirds of all new jobs,” said Congresswoman Shea-Porter. “Small businesses are the foundation of our economy, and these two bills will help provide small business owners with loans and tax breaks.
The Small Business Lending Fund will create jobs through a new $30 billion lending fund for small and medium sized community banks ($10 billion or under) that could leverage up to $300 billion in lending.
The Small Business Jobs Tax Relief Act will increase capital gains tax cuts for individuals who invest in small businesses this year, fix a disclosure penalty that disproportionately impacts small businesses, and increases the dedication for business start-up expenditures.