LV Chamber Urges U.S. Senate to Pass Small Business Jobs Act

LAS VEGAS—Today, the Las Vegas Chamber of Commerce called on members of the United States Senate to quickly pass the Small Business Jobs Act. The bill, if passed, would give small businesses greater access to capital and create incentives for investments in small businesses.

The purpose of the bill is to create the Small Business Lending Fund Program to increase the availability of credit for small businesses, and to provide tax incentives for small business job creation and other business investments.

Highlights of the bill include:

• Establishes the State Small Business Credit Initiative to allocate federal funds through participating states or municipalities
• Excludes 100 percent of small business capital gains
• Allows general business credit carried back five years and credit not subject to Alternative Minimum Tax (AMT)
• Increases Small Business Administration loan limits
• Increases expensing and expansion of certain real property, and extends bonus depreciation
• Increases deduction for start-up expenditures
• Improves small business contracting
• Promotes small business exports and enhances small business trade opportunities

“Small businesses need more help to get back on their feet, and they need it as quickly as possible. The Small Business Jobs Act will give entrepreneurs valuable assistance and strong, tangible incentives that can help spur business investment and job growth that are essential to economic recovery,” says Matt Crosson, president and CEO of the Las Vegas Chamber of Commerce.