White House Report Highlights Small Business Tax Credit, Policies That Support Entrepreneurs

Small Business Majority is pleased lawmakers came together to pass important legislation Tuesday that will give our struggling entrepreneurs a leg up. Their bipartisan collaboration in re-authorizing the Export-Import Bank, which provides small business exporters with an alternative to traditional capital markets where they continue to be shut out, is an encouraging start, and we hope lawmakers in both chambers continue working together to pass small business-friendly policies such as those outlined in Moving America's Small Businesses & Entrepreneurs Forward, a report released today by the White House.

Two key policies highlighted in the report, which together comprise the Small Business Jobs and Tax Relief Act currently being considered in Congress, include enacting a 10 percent income tax credit for new payroll and extending the 100 percent expense deduction for new equipment. The White House report also calls for re-authorizing the Export-Import Bank, which lawmakers succeeded in doing yesterday. We hope they also pursue the two aforementioned policies, as both are tried-and-true forms of tax relief that can stimulate small business growth.

• The 10 percent income tax credit rewards small business owners for increasing their payroll in 2012 by hiring new workers or raising wages.
• The 100 percent expense deduction for all equipment purchases helps small businesses create jobs, boosts their bottom lines and saves them money.
• The Export-Import Bank is a vital lifeline for some of our greatest job creators, as it levels the playing field for small business exporters competing with large business exporters for financing.

As we continue moving beyond the recession's effects, small firms are consistently outpacing large firms in the race to put America back to work. They're the lifeblood of our economy, and the White House report issued today prioritizes ways to put them back on track to success. It proposes pragmatic, bipartisan tax relief strategies and we ask lawmakers to leave partisanship at the door, as they did yesterday, and act on them by passing the Small Business Jobs and Tax Relief Act.