President Barack Obama has proposed to Congress
a $48 billion legislative package to aid small-
business growth.
The administration’s package:
Eliminates taxes on capital
gains from investments in small businesses
Provides a 10 percent tax
credit for companies that create jobs or
increase wages this year
Doubles the amount of startup
expenses entrepreneurs can deduct from their
taxes, from $5,000 to $10,000
Terminates country-specified
immigration caps so that the United States can
attract highly skilled workers
Extends 100-percent, first-
year depreciation for one year, effective for
qualified property acquired and placed in
service before Jan. 1, 2013
Includes measures that will
help businesses access financing consistent with
investor protections, including:
Raising the offering
limit under Regulation A from $5 million to $50
million, coupled with strong investor
protections
Calling for a
national framework that allows entrepreneurs and
small businesses to raise capital through
“crowdfunding”
Calling for changes
in how current securities laws and regulations
are phased in for smaller, young companies in
their first years after going public in an
initial public offering (IPO)
Increasing the Small
Business Investment Company program to allow for
up to $4 billion in annual support.
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Obama addressed small-business growth in his State of the Union speech, saying: “Most new jobs are created in startups and small businesses. So let’s pass an agenda that helps them succeed … tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas.”
To view more information regarding the proposals, visit ASA’s legislative website at www.TakingTheHill.com.
For additional information about ASA, including past news releases, go to www.ASAshop.org.