On Wednesday, the Senate voted to advance the Small Businesses Jobs and Tax Relief Act, in bipartisan support of a bill that offers a 10 percent tax credit for companies that increased their payroll salaries in 2012, while providing deductions for companies that invested in new equipment. The legislation would provide up to $500,000 on annual payrolls of $5 million, and allow companies to write off 100 percent of the value of new capital investments. The Democratic-sponsored bill that originated on President Obama’s Congress To-Do List received overwhelming bipartisan support, garnering the votes of 29 Republicans.
Senate Majority Leader Harry Reid noted that if enacted, the bill will be the 19th time that Democrats cut taxes for small businesses under the Obama administration. President Obama understands that small businesses are the backbone of the American economy and the real job creators in our nation, and he designed the Small Business Jobs and Tax Relief Act with that in mind. As Harry Reid said, “The Small Business Jobs and Tax Relief Act would put money back in the coffers of true job creators.” This bill is just one example of the President’s commitment to supporting small businesses. He has cut small business taxes, provided loans, supported their ability to provide employees with affordable health care, and so much more. The President will continue to work tirelessly promoting American small businesses as long as he is in office. Help keep him there by fighting for his reelection and spreading the word of the progress he has made for America’s small businesses with your own small business networks.