Crowley Supports Passage of Small Business and Jobs Promotion Bills
Washington, D.C. – Congressman Joseph Crowley (D-Queens, the Bronx) voted in support of two critical initiatives aimed at creating jobs and strengthening our economy. The Small Business and Infrastructure Jobs Tax Act (H.R. 4849) and the Disaster Relief and Summer Jobs Act (H.R. 4899) both passed the House yesterday – H.R. 4849 by a vote of 246 to 178 and H.R. 4899 by a vote of 239 to 175.
“From Westchester Square to Jackson Heights and across the nation, small businesses are the engines of economic growth in our economy – accounting for 80% of the new jobs created in America,” said Congressman Crowley. “The Democratic Congress knows that the best way to create new jobs and fuel economic growth is to enact policies that will strengthen and support our small businesses.”
The Small Business and Infrastructure Jobs Act is a $16 billion small business package that will spur investment in local rebuilding projects and help our small businesses grow, hire and continue fueling our economy. Specifically, the bill cuts IRS penalties and paperwork for legitimate mistakes by small business owners, temporarily eliminates capital gains taxes on small businesses, and provides new tax incentives for entrepreneurs so they can have the resources they need to make it easier to start a new business. Additionally, the bill extends the successful "Build America Bond" program, which was created only 1 year ago in the Recovery Stimulus Act and has delivered over $6.5 billion in new investment money to New York, keeping people working. These bonds have been used to invest in transit improvements at the Metropolitan Transportation Authority (MTA), as well as public improvements for the City of New York.
The Summer Jobs Act will provide $600 million to support the creation of over 300,000 summer jobs for youth ages 16 to 21. Youth unemployment is high (18.5 percent for those age 16-24), even higher among African American and Latino teens (42 percent and 30 percent respectively). Additionally, the new legislation temporarily extends the Recovery Stimulus Act's small business lending program, which has eliminated the fees normally charged for loans through the Small Business Administration 7(a) and 504 loan programs and increased the government guarantees on 7(a) loans from 75% to 90%. Since its creation, the program has supported nearly $23 billion in small business lending, which helped to create or retain over 560,000 jobs.
“Passage of these two jobs-creation bills is just the latest step taken by the U.S. House of Representatives to help grow our economy. Right now, our full attention is on putting Americans back to work, and keeping U.S. businesses – large and small – competitive, strong and growing,” said Congressman Crowley.
Congress’ full attention is on creating jobs and stabilizing and strengthening the economy. In December, the House passed the Jobs for Main Street Act and earlier this month President Obama signed into law the HIRE Act, which provides incentives for businesses to hire workers. 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.
Congressman Crowley is a six-term member of Congress. He sits on the exclusive House Committee on Ways and Means, which has jurisdiction over tax policy.