Van Hollen Applauds the President for Signing the Small Business Jobs Act into Law
Press Release
Van Hollen Applauds the President for Signing the Small Business Jobs Act into Law
Today Maryland Congressman Chris Van Hollen, Assistant to the Speaker, issued the following statement on President Obama signing into law the Small Business Jobs Act:
"Today, the President signed into law the Small Business Jobs Act. This legislation will provide small businesses and entrepreneurs with the capital necessary to expand, create jobs, and help move our economy forward. This bill will do two important things: make more loans available for small businesses and cut taxes.
"The centerpiece of this pro-growth legislation is a $30 billion lending fund for community banks serving small businesses. This initiative -- which can leverage up to $300 billion in new private sector lending -- is critical to getting small businesses the financing they need to expand their payrolls at a time when jobs are what our economy needs most. This bill also delivers a potent package of timely tax relief to the small business sector. Now that this bill is law, up to $500,000 worth of capital investment in equipment and machinery acquired in 2010 and 2011 can be immediately written off. General business credits can be carried back five years instead of one, and won't be subject to the AMT. The available deduction for entrepreneurs' start-up expenses is doubled from $5,000 to $10,000, and direct equity investment in small businesses will receive a zero percent capital gains rate for qualifying investments made this year.
"Unfortunately, Washington Republicans opposed and obstructed this legislation for weeks, until retiring Republican Senator Voinovich ended that blockade. As he made clear, "We don't have time for messaging This country is really hurting.' I want to commend Senator Voinovich -- at least one Republican member is willing to put small businesses and American workers before the politics of the day. Small businesses are the engine of our economy, and today President Obama and the Congress took another step in supporting them."
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