WASHINGTON – United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship and a lead sponsor of the Small Business Jobs Creation bill, welcomed the bill’s passage by the House of Representatives. The final product, which was a product of over 18 months of bipartisan work, now heads to the President’s desk to be signed into law.
Sen. Landrieu said:
“After months of debate, the Small Business Jobs Creation Act cleared its final vote and help will soon be on the way for America’s 27 million small businesses. When the President signs this legislation into law in the next few days, small businesses will be eligible for $12 billion in tax cuts when they file their returns for 2010, and they will have access to more than $50 billion in capital from their local community banks, state initiatives and the SBA’s loan guarantee programs. Businesses in need of help starting or running a business will be able to access more technical assistance through the Small Business Administration’s (SBA) more than 1,100 counseling partners.
“We are already working with the Administration and SBA Administrator Karen Mills to implement these provisions, all of which are created to allow entrepreneurs to expand or start their business and generate new, good-paying jobs for the 14 million Americans still out of work today. This bill is just the first step to putting small businesses at the forefront of our economic recovery. We stand ready to work with the House leadership to enact additional measures encouraging job creation amongst small business that could not be included in this bill. Together we will continue to create tools to unleash the power of our small businesses. I thank the hundreds of groups who helped us pass this bill, as well as leadership of the Senate and House, Senators Voinovich and LeMieux and the President. It is a win for small businesses and our families in need of jobs and paychecks.”
The Small Business Jobs Creation bill cleared a final hurdle today, passing the United States House of Representatives by a vote of 237-187. The President is expected to sign the bill on Monday. Last week, the United States Senate passed the bill by a vote of 61-38 on passage of the bill.
The Small Business Jobs Creation Act will:
Provide $12 Billion in Targeted Tax Cuts for Small Businesses
- Allows for a 100 percent exclusion of capital gains tax on small business investments made in 2010
- Increases the maximum deduction for start-up expenditures in 2010 and 2011 from $5,000 - $10,000
- Extends the American Recovery and Reinvestment Act bonus depreciation provision for 1 additional year for qualifying property purchased and placed into service in 2010
- Allows self-employed taxpayers to deduct health care costs for payroll tax purposes on 2010 returns
Initiate a New Strategic Partnership with Healthy Community Banks
- Creates a $30 billion Small Business Lending Fund that utilizes healthy community banks as a conduit to increase lending to small business, a provision that will generate $1 billion for the treasury.
- Provides $1.5 billion in grants to support at least $15 billion in new small business lending through already successful state run programs
Strengthen the Core SBA programs
- Extends certain SBA American Recovery and Reinvestment provisions that eliminate borrower fees and increases the government guarantees on SBA loans from 75 percent to 90 percent and expected to make available up to $8 billion in affordable capital to small businesses.
- Permanently increases loan limits on SBA loans
- Helps small businesses needing to refinance owner-occupied commercial real estate through the SBA’s second largest loan program
- Expands the SBA’s trade and export finance programs