Washington, Jun 18 – This week, Congressman Adam Smith (WA-09) voted in support of important legislation designed to make it easier for small businesses to succeed and create jobs in our communities. Together, the Small Business Lending Fund Act and the Small Business Jobs Tax Relief Act, will address the lack of access to credit and remove some of the restrictive tax obstacles impeding small business growth.
“Small businesses are the foundation of our economy – generating approximately 65% of new jobs over the last 15 years and employing our families, neighbors, and friends,” said Congressman Adam Smith. “Our nation’s long term economic stability relies on small businesses and we must continue to enact legislation and remove government barriers to help them grow.”
The Small Business Lending Fund Act will create a $30 billion lending fund to help small businesses expand through investments in states and small banks that focus on lending to local small businesses. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
To further ensure small businesses have every opportunity to succeed, the Small Business Jobs Tax Relief Act will help businesses expand and create new jobs through a 100% exclusion of small business capital gains; small business penalty relief; and increased deductions for start-up expenditures.
These two bills, which are fully paid for, will now move together as one for consideration by the U.S. Senate.