Representative Loebsack votes yes for Small Business Jobs Act

Updated: September 28, 2010

On Thursday, September 23, Rep. Dave Loebsack voted for the Small Business Jobs Act, which increases much-needed lending to thousands of small businesses in Iowa, and offers 8 new tax incentives to companies so that they may expand, hire, and fuel our economy.

The Small Business Jobs Act:
o Creates a small business lending fund to expand small business access to private capital that will leverage up to $300 billion in private sector lending
o Expands access to and lowers costs for small businesses to access SBA loans
o Continues the elimination of fees for SBA 7a and 504 loans and increases government guarantees on 7a loans through the end of the year
o Raises the cap on 7a and 504 small business loans to $5 million and increases microloan limits to $50,000
o Extends a provision enacted in 2009 that allows businesses to write off half of the cost of purchasing new equipment
o Allows for exclusion of capital gains from the sale of small business stock for tax purposes
o Doubles the tax deduction for start-up expenditures
o Allows self-employed taxpayers to deduct health costs from payroll taxes

These and other provisions provide small businesses with $12 billion in tax cuts to spur investment, growth, start-ups, and hiring. The bill is fully paid for and does not add to the federal deficit. The bill was endorsed by the U.S. Chamber of Commerce, National Small Business Association, and National Restaurant Association, among many others. The bill was passed previously by the Senate and was signed into law by the President on Tuesday, September 28.