The Small Business and Infrastructure Jobs Tax Act increases the deductions for start-up expenses, so that more people will open businesses.
The bill excludes 100 percent of small business capital gains from taxation, encouraging investment, Hinojosa said.
“When President Obama took office, our economy was in freefall – losing nearly 800,000 jobs a month and freezing small business lending,” Hinojosa said. “But we have been able to bring our economy back from the brink by a series of job-creation measures which saved and created over two million jobs.”
The Small Business and Infrastructure Jobs Tax Act also extends the Recovery Act small business lending program, which has already helped save or create over 560,000 jobs across our country, he claimed. “These measures are an ongoing commitment taken by Democrats to create jobs for Americans. Small businesses have always been a major engine of our economy-creating 65 percent of all new jobs over the past decade and a half; they must have access to capital to be at the forefront of our recovery.”