Thursday, May 27, 2010
Report from the U.S. House
National Small Business Week
Recognizing the contributions of small businesses to the economy
This week is National Small Business Week, a time when we recognize the contributions of small businesses to the economic well-being of America, and the special impact made by outstanding entrepreneurs and small business owners.
Small businesses are major contributors to the strength of the American economy and to Mississippi’s local economies. They create 60-80 percent of new jobs in the country, as well as drive innovation, create 21st century jobs, and increase U.S. competitiveness.
Throughout Mississippi, there are an estimated 209,100 small businesses, which employ more than half of the state’s non-farm workforce.
I’m a small businessman myself, and I know how important keeping America’s businesses competitive on a global scale is to creating and saving jobs at home and rebuilding our economy. Last month, I was honored to receive the U.S. Chamber of Commerce’s Spirit of Enterprise Award for my pro-business record during the first session of the 111th Congress.
Congress has continued to vote on important legislation to support small businesses during our second session. In March, I joined my colleagues in passing the Small Business and Infrastructure Jobs Tax Act, legislation to create jobs and spur investment in local infrastructure projects.
The bill includes bipartisan provisions to help small businesses grow, hire, and continue to fuel our economy. It also fully exempts investments in small businesses from capital gains taxes, a measure included in the very first piece of legislation I introduced since taking office, the Invest in Small Business Act.
The Small Business and Infrastructure Tax Act includes the following provisions:
• A 100 percent exclusion of small business capital gains to spur investment in small businesses. (The American Recovery and Reinvestment Act temporarily increased this exclusion to 75 percent).
• Small business penalty relief endorsed by the Small Business Council.
• An increase in the tax deduction for start-up expenditures to encourage the formation of new small businesses.
The House also voted this spring to continue lending assistance to small businesses through a measure that would extend for another month the Recovery Act small business lending program. The program eliminates fees normally charged for loans through the Small Business Administration (SBA). Since its creation, the program has supported nearly $23 billion in small business lending, which helped to create or save more than 560,000 jobs.
For information about resources to help small businesses grow and develop, visit the “Small Business Resources” page on my website at www.childers. house.gov.
Let’s continue to recognize the contributions of small businesses, not just this week, but on a daily basis.
I will keep working hard to promote small business growth, provide resources for small business start-ups, and support small businesses in their efforts to create jobs and help uplift our local, state, and national economies.
As always, please continue to keep me informed about your opinions and concerns by phone at (202) 225-4306 or by visiting my website.
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