asba chimes in on the small business jobs and credit act
Wednesday, September 22, 2010
Posted by: Whitney Fletcher
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.
Sept. 21, 2010
U.S. Rep. Gabrielle Giffords
(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
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 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
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.”
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.