House Approves Bill To Aid Small Businesses, Create Jobs
Written by Ken Gaebler
A new bill approved by the House of Representatives could benefit small business owners.
A bill passed by the House of Representatives this week is making big financial news. For entrepreneurs, that news seems to be good.
On Wednesday the House approved the Small Business and Infrastructure Jobs Tax Act, designed to provide tax relief to small businesses and help create jobs.
Included is a 100 percent exclusion of small business capital gains, as well as penalty relief for small businesses.
Increased deduction for startup expenditures will give small business owners a further advantage.
"This legislation is another important step this Democratic Congress is taking to strengthen the American economy," said Sander M. Levin, chairman of the House Ways and Means Committee. He added that the provisions of the bill will "assist small businesses by spurring investment and helping them grow."
The bill also extends the Build America Bonds program, which allows investment in infrastructure projects, and the TANF Emergency Fund, which is on track to create more than 160,000 jobs.
Before the approval of the bill, the week's news was dominated by the new healthcare reform legislation - which may represent another boost for small businesses.
In an interview with Bloomberg, Goldman Sachs economist Alec Phillips said that the healthcare overhaul could increase employment at small businesses starting this year.
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