WASHINGTON - Today, Rep. Congressman Edolphus “Ed” Towns (NY-10) voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses. The Small Business Jobs Act increases much-needed lending to millions of small businesses, and offers eight new tax incentives to companies, so that they may expand, hire, and fuel our economy. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.

“Small businesses drive the Brooklyn economy and are an integral part, locally and nationally, of creating jobs and rebuilding the economy for the future,” said Rep. Towns. “We owe it to them to ensure that they have a business environment in this country that helps them grow and flourish. Increased access to capital and new tax cuts will not only keep jobs in America, it will allow small businesses to make it in America.”

The Small Business Jobs Act will help the almost two million New York small businesses create new jobs and grow with their share of the $12 billion in tax cuts, nationally. It will make Main Street businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. With tax cuts and access to more capital, our nation’s small businesses will be able to put more Americans back to work. The Small Business Jobs Act, fully paid for and deficit-neutral, takes another step to end job outsourcing by ending tax incentives for companies that ship jobs overseas.

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