Rep. Foster Votes to Cut Taxes and Help Small Businesses Grow and Create Jobs

Press Release

Today, Congressman Bill Foster (IL-14) voted for the Small Business Jobs Act to expand lending to millions of small businesses and offer tax cuts to help these small businesses create jobs.

"As a former small businessman who created hundreds of jobs in the Midwest, I know that a small business' access to credit is the key to their ability to grow and expand," said Foster. "This legislation not only expands lending to small businesses, it also offers tax cuts that will spur investment, growth, new starts and job creation."

The Small Business Jobs Act provides $12 billion in tax cuts for small businesses to spur investment, growth, new starts and hiring. These cuts include doubling to $10,000 the tax deduction for start-up expenditures for entrepreneurs launching a new business. In addition, a $30 billion Small Business Lending Fund will be created to provide small community banks with capital to increase their small business lending. The legislation also expands access to Small Business Administration (SBA) loans and increases SBA loan limits.

"In addition to expanding access to credit for small businesses and offering tax cuts, this legislation encourages investment in small businesses by temporarily suspending the taxation of capital gains from small business investments," said Foster.

This legislation is fully paid for over 10 years by closing tax loopholes that promote corporations who ship jobs overseas, among other things. The legislation will not add to the deficit, and is expected to save taxpayers $1 billion as banks are expected to repay funds over 10 years.

The Small Business Jobs Act is supported by a variety of groups, including the U.S. Chamber of Commerce, National Small Business Association, Independent Community Bankers of America and the National Retail Federation.

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