Heinrich Advances New Mexico Small Business Growth

Press Release

Today, U.S. Representative Martin Heinrich (NM-1) voted for a key measure that helps small businesses expand and create jobs in New Mexico. H.R. 4849, the Small Business and Infrastructure Jobs Act passed the House by a vote of 246 to 178. The bill would exclude 100% of capital gain income for stock in small business purchased from March 15, 2010 to January 1, 2011. This will spur new investments in small business with new capital they need to grow and hire more workers. The $20 billion measure is fully paid for over a decade.

"Central New Mexico thrives when small businesses thrive," said Rep. Heinrich, reiterating once again his commitment to small business as the engine of our economy. "The incentives in this bill will spur small business growth and innovation, and enable them to hire more workers. The passage of this bill indicates that Congress is keeping its word to make job creation the number one priority."

The Small Business and Infrastructure Jobs Act includes:

* A 100 percent exclusion of small business capital gains to spur investment in small businesses.
* An extension of successful Recovery Act Build America Bonds (BABs) that make it cheaper for state and local governments to finance the rebuilding of schools, sewers, hospitals and transit projects.
* A 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.
* A crack down on foreign tax haven corporations that are taking advantage of the U.S. tax treaty network to dodge U.S. taxes and gain an advantage over American companies that play by the rules.

Congress is working hard to create jobs and put our economy on a sound foundation for the future. Last week the president signed the Heinrich-supported HIRE Act into law. In December, Heinrich voted for the Jobs for Main Street Act, which passed the House and awaits consideration in the Senate.

These bills included critical investments in small businesses, state infrastructure projects such as school construction, and support for job training programs that are keeping police and firefighters on the street and teachers in classrooms. And just yesterday, the President signed into the law an historic health care reform bill that will create four million jobs over the next decade.

The Small Business and Infrastructure Jobs Act is the latest step to help grow our economy and put Americans back to work.

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