Small Business Jobs Tax Relief Act of 2010

Floor Speech

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Mr. DAVIS of Illinois. Mr. Speaker, as we rebound from the greatest recession that has ever plagued this nation, it is important that we continue to support legislation that creates jobs and refurbishes the economic stability of American families--supporting small businesses, taxpayers and building a solid foundation for economic recovery.

Small businesses are the life blood of American communities, creating two-thirds of the new jobs over the last 15 years. However, these entrepreneurs are stifled in their efforts to boost the American economy in that they are frequently denied loans and face tight lending standards. Some of the most impoverished citizens in this nation live in the 7th Congressional District of IL. While the national unemployment rate in October 2009 rose to 9.8 percent, these communities experienced unemployment rates of up to 40 percent. We must do all that we can to provide jobs for American citizens and boost the economic stability of this nation. For this reason, I strongly support H.R. 5486--spurring investment in small business, providing for small business penalty relief, and increasing the deduction for business start-up expenses.

These provisions are critical. They provide performance-based incentives to make sure that banks lend to small businesses and avoid what happened in 2009 when 45 percent of small businesses seeking loans were denied credit. Most importantly, as the nation continues its effort to create jobs and overcome high rates of unemployment, these provisions increase the deduction for start-up expenditures.

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