Gordon Votes For Tax Cuts To Create Jobs And Strengthen New Small Businesses
Thursday, March 25, 2010 5:05 pm
WASHINGTON – Congressman Bart Gordon voted in favor of the Small Business and Infrastructure Jobs Act of 2010 this week as part of ongoing efforts to encourage job creation. The bill, H.R. 4849, will support the creation of new small business and construction jobs and spur private sector investment and hiring in Middle Tennessee.
“More than 95 percent of Tennessee’s private workforce is employed by small businesses. If we are going to get serious about creating new jobs, we need to get serious about encouraging new small business,” Gordon said. “This bill will spur job creation with tax breaks to help new small businesses get running and get the hiring process.”
The Small Business and Infrastructure Jobs Act quadruples the tax deduction available for business start-up expenses, encouraging potential small business owners by lowering up-front costs. The bill also exempts small businesses from any taxation of their income from capital gains on stock. In addition, the bill helps create construction jobs by extending Build America Bonds, which provide funding to state and local governments to rebuild schools, hospitals, and sewers. The bill passed the House with bipartisan support and now moves to the Senate for approval.
“Bringing new jobs to Tennessee and improving our local economy has been my number one priority,” Gordon said. “The tax breaks and investments in this bill will encourage job growth and help turn our economy around.”
This month, Gordon worked to promote job growth in Middle Tennessee through his support for the HIRE Act and the Disaster Relief and Summer Jobs Act. Gordon has also championed a number of projects in the past year aimed at creating jobs and stimulating Tennessee’s economy, including Recovery Act construction projects, loans to local manufacturers, and investments in training and education for the high-demand science and technology sectors.