Congresswoman Horn Introduces Small Business Empowerment Bill
Statement
Today, Congresswoman Kendra Horn (OK-05) introduced the bipartisan Access Business Credit (ABC) Act, H.R. 4805, with Congressmen Andy Kim (D-NJ) and Tim Burchett (R-TN). The ABC Act creates a tax exemption that will incentivize community banks to provide much needed capital for small businesses across the country.
According to the Small Business Administration, there are more than 18,500 small businesses in Oklahoma's Fifth Congressional District, employing nearly 194,600 Oklahomans.
"Small businesses are the backbone of Oklahoma's economy. Part of my role in Congress is finding ways to support small businesses who work tirelessly to be successful," said Horn. "One of the most common challenges business owners share with me is lack of adequate access to capital. That's why I'm proud to introduce this bipartisan legislation to incentivize community banks to provide small business owners the critical funds they need to serve their communities and move our economy forward."
This bill would amend the Internal Revenue Code to allow smaller community banks to exclude qualified interest received by a lender for small business loans from their gross income for tax purposes. The tax exemption created by the ABC Act will end after five years unless the Commissioner of the IRS recommends to Congress the exemption should be extended further.
"Small businesses are critical to Burlington and Ocean Counties. When they succeed, we all succeed," said Congressman Kim. "I've heard from our local small business owners that they want to see Washington make key programs work for them, so they can jumpstart job creation in our communities. That's why I'm proud to introduce the Jumpstart Small Business Agenda with Congressman Burchett. I look forward to working with him and our colleagues on both sides of the aisle to lift up our entrepreneurs and help them build opportunities in New Jersey."
"In East Tennessee, small businesses are key job creators and economic drivers," said Congressman Tim Burchett (TN-02). "Government should create an environment that encourages job growth, and this legislation would do just that by supporting better access to credit for small business owners. I'm proud to support this bill and small business entrepreneurs across the nation."
The U.S. Chamber of Commerce and the Independent Community Bankers of America have endorsed the ABC Act.
Earlier this week, Congresswoman Horn also voted in support of four bipartisan small business bills:
-H.R. 4406 -- Small Business Development Centers Improvement Act of 2019, a bill reauthorizing the Small Business Administration's Small Business Development Center through fiscal 2023. The SBA provides grants for SBDCs to administer management training and technical assistance. The program includes 63 lead organizations and over 900 centers, including one in Edmond Oklahoma. The measure authorizes $175 million for the SBDC program for each of fiscal 2020 through 2023.
-H.R. 4405 -- Women's Business Centers Improvements Act of 2019, a bill reauthorizing the Small Business Administration's Women's Business Center program through fiscal 2023. Women's business centers receive grants from the SBA to provide counseling and training related to management, operations, access to capital, trade, and government contracting to businesses led by women. There are 150 locations in the U.S., including the REI Women's Business Center in Oklahoma City, serving more than 150,000 entrepreneurs.
-H.R. 4407 -- SCORE for Small Business Act of 2019. This bill reauthorizes the SBA's SCORE program and develops oversight measures. The SCORE program is operated by the SBA and the nonprofit SCORE Association to provide small businesses with mentorships from experienced or retired volunteer entrepreneurs.
-H.R. 4387 -- This bill codifies the SBA Growth Accelerator Fund competition. The fund awards prizes to entities that advise small businesses and help them find capital, mentors, and networking opportunities. It would include entities offering shared work environments and small amounts of financial assistance.
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