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asba chimes in on the small business jobs and credit act

Wednesday, September 22, 2010   (0 Comments)
Posted by: Whitney Fletcher
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SPECIAL NOTE*

asba is a non-partisan organization. Because of our diverse membership base, we are respectful of the various views of our members. We do consider ourselves the "party of business”. We actively focus on and support pro-business issues that help small businesses succeed and reduce regulation and other burdensome requirements.

While we do not endorse political candidates running for office, we will provide forums for all candidates to equally express their views and positions. We do actively engage in public policy issues and legislation that affect small business and will continue to do so.



NEWS RELEASE
Sept. 21, 2010


CONTACT
C.J. Karamargin
Communications Director
U.S. Rep. Gabrielle Giffords
Arizona’s 8th Congressional District
(520) 881-3588 or (520) 909-8482

U.S. REP. GABRIELLE GIFFORDS ANNOUNCES SUPPORT FOR LEGISLATION AIMED AT BOOSTING SMALL BUSINESSES

The Small Business Jobs and Credit Act to be voted on this week

WASHINGTON U.S. Rep. Gabrielle Giffords today is announcing her strong support for legislation aimed at helping small businesses by cutting taxes and improving access to capital.

"Small businesses in Arizona and across the nation have a critical role to play in our economic recovery,” said Giffords. "They are an engine of job creation and innovation that will lead the way out of the most severe downturn since the Great Depression. Making it easier for them to prosper is the goal of the Small Business Jobs and Credit Act.”

The Senate passed the bill last week in a bipartisan 61-to-38 vote. The House is expected to take it up this week.

"This legislation deserves the full support of every member of the House of Representatives,” the congresswoman said. "My colleagues need to stop playing politics and vote to pass a bill that everyone agrees is needed to help get our economy back on track.”

The legislation would provide small businesses with $12 billion in tax cuts, stronger government loan guarantees and improved access to capital. It is fully paid for and will not add to the national deficit.

Among the bill’s primary objectives is the creation of a $30 billion fund to provide community banks with capital to lend to small businesses. According to economic experts, this pool of capital will help ease the credit crunch that has made it difficult for small businesses to expand and hire new employees.

Another key provision of the bill calls for tax breaks related to the purchase and depreciation of equipment and machinery. For the past two years, businesses were allowed to immediately write off 50 percent of the cost of new equipment. The new bill extends that depreciation through this year.

The Small Business Jobs and Credit Act is supported by numerous organizations, including the Arizona Small Business Association. With almost 5,000 members, the ASBA is the second-largest trade association in Arizona and the only statewide association dedicated to serving small businesses.

"Many people don’t realize that 97 percent of the businesses in Arizona are classified as small businesses,” said Donna Davis, chief executive officer of the ASBA. "Small business is definitely the economic engine for our state and nation and we desperately needed some gas. The Small Business Jobs and Credit Act will help more small businesses be sustainable and persevere through these challenging times. ASBA applauds Congresswoman Giffords and the other lawmakers who support this important legislation.”

Other organizations supporting the bill include the National Small Business Association and the National Federation of Independent Business.

"These groups know that when small businesses succeed, America succeeds,” said Giffords, a former small business owner. "Strengthening our small businesses means strengthening our communities. The Small Business Jobs and Credit Act will make that happen.”

The congresswoman noted that legislation could have a profound impact on Arizona, which has track record of entrepreneurship that has helped make it among the fastest growing states in the nation. A recent report by the Kauffman Foundation, a group that tracks entrepreneurship, found that Arizona last year ranked third for states with the highest rate of entrepreneurial activity in the U.S.



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