House Passes Small Business Jobs Bill and Sends to President Obama for His Signature
Earlier today, House Democrats passed a Small Business Jobs bill (H.R. 5297) to cut taxes for millions of small businesses and provide them with access to credit that will help spur growth and job creation.
Despite claims that they support small businesses, House Republicans have objected at every turn to Democrats’ efforts to support small business owners with the tax relief and resources to expand, and today’s vote was no different — the bill passed with no Republican votes.
The passage of this bill represents Democrats commitment to small businesses as a launch pad for America’s economic recovery. This bill alone is expected to help create as many as half a million new jobs. After the vote, President Obama released the following statement:
The small business jobs bill passed today will help provide loans and cut taxes for millions of small business owners without adding a dime to our nation’s deficit. After months of partisan obstruction and needless delay, I’m grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work.
The Small Business Jobs bill will: Eliminate all capital gains taxes on small business investments during 2010 – helping 1 million small businesses; Increase the amount of investments that small business can write off – helping 4.5 million small businesses; Allow the self-employed to deduct health insurance costs – helping 2 million people; Reduce the expense for entrepreneurs to start a business; Limit the penalties for reporting errors that affect small businesses.
President Obama is expected to sign the bill into law on Monday.
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