Package of Bills Would Spur Hiring, Expand Capital Access
WASHINGTON, Sept. 8, 2011 /PRNewswire-USNewswire/ -- Rep. Nydia M. Velazquez (D-NY), the top Democrat on the House Committee on Small Business, today introduced two pieces of legislation aimed at spurring hiring in the small business sector and creating new, well paying jobs for Americans. Velazquez's proposals come as the President prepares to outline his vision for job creation.
"The President and Democrats in Congress are serious about getting down to work and creating the jobs Americans and New Yorkers so desperately need," said Velazquez. "I look forward to hearing the President's remarks tonight and hope that he's open to incorporating some of these ideas as we move forward."
"The Small Business Expansion and Hiring Act of 2011" would provide small firms with 100 employees or fewer incentives to create jobs through a new tax credit. Small businesses that hire and retain workers for 12 months would receive a $4,000 tax credit. A larger, $6,000 tax credit would be made available for firms hiring individuals who have been without work for six months or longer.
"Providing tax credits to small businesses creates an immediate and targeted incentive for them to add workers to their payrolls," Velazquez said.
A second piece of legislation aims to promote job creation in low-income communities by steering investment capital to small businesses located in regions with high unemployment. Urban areas that previously had high concentrations of manufacturing would also benefit. The "Job Creation and Urban Revitalization Act of 2011" would expand the New Markets Venture Capital Program, which provides financing for small firms operating in low-income areas. Velazquez's proposal would concentrate this financing on high-unemployment and urban manufacturing centers, helping these communities attract new investment, as well as the jobs and growth that come with it.
"By helping channel investment capital into those communities hardest hit by the recession, we can create jobs where they are needed most," Velazquez noted. "Small businesses have always served as the engine of economic recovery in this country, and this bill will empower them to once again lead the way in generating employment opportunities for Americans."
As the Ranking Democrat on the Small Business Committee, Velazquez has been a stalwart champion of creating new jobs through small business growth. She has previously worked to expand the Small Business Administration's capital access programs, pushed tax incentives for small firms that hire and fought to cut regulatory red tape hindering entrepreneurs' growth.
CONTACT: Alex Haurek
SOURCE Representative Nydia M. Velázquez