[Congressional Record Volume 143, Number 106 (Thursday, July 24, 1997)]
[Extensions of Remarks]
[Page E1518]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   SMALL BUSINESS JOB OPPORTUNITY ACT

                                 ______
                                 

                          HON. ELIZABETH FURSE

                               of oregon

                    in the house of representatives

                        Thursday, July 24, 1997

  Ms. FURSE. Mr. Speaker, I rise today to introduce legislation that 
will promote investment in small business by cutting the tax on capital 
gains that are reinvested in American small businesses. By doing so, 
this bill will create jobs. I repeat--the only capital gains relief is 
for small business--where their profit is invested in companies doing 
business in America. That means jobs for Americans in America. 
Increasing the amount of capital available to American businesses will 
be extremely beneficial to our long-term economy.
  Small businesses are the backbone of our economy and need extra 
capital to expand and compete in the increasingly international 
marketplace. In Oregon, over 95 percent of businesses earn less than 
five million dollars per year in gross receipts. These small businesses 
are the core to Oregon's success in trade in the Pacific Rim. In fact, 
many of my colleagues are surprised to learn that Japan is Oregon's 
largest trading partner. Most importantly, Oregon small businesses 
provide job opportunities for Oregon's working families.
  During the debate over the capital gains tax cuts, Congress should 
embrace this bill as an opportunity to provide support to the small 
business community and benefit America's working families. 
Traditionally, capital gains tax cuts have been viewed as a tool for 
the wealthy, but by targeting investments in small business we are 
providing job opportunities for working families. Many middle-income 
Americans realize some type of capital gain and this is an opportunity 
for them to reinvest that gain in their community and help provide jobs 
for their neighbors.
  The Pacific Northwest International Trade Association and Oregon 
Bankers Association have joined me in supporting this bill. Following 
are their letters of endorsement. I urge all my colleagues to support 
this important legislation.

         Oregon Bankers Association,


                        Independent Community Banks of Oregon,

                                         Salem, OR, July 21, 1997.
     Hon. Elizabeth Furse,
     U.S. House of Representatives, Washington DC.
       Dear Congresswoman Furse: The Oregon Bankers Association 
     wholeheartedly endorses your proposed ``Capital gains small 
     business reinvestment exemption``. We shall support its 
     passage in every way possible.
       As we have previously discussed, Oregon has a large number 
     of small businesses. As a matter-of-fact, most of our new job 
     potential is in the small business sector.
       We must create incentives and remove roadblocks to insure 
     growth in this very key area of our economy.
       Your proposal could be extremely valuable to the emerging 
     Oregon small businesses and small businesses nationwide.
           Sincerely,
                                                 Frank E. Brawner,
                                                        President.

     
                                  ____
         Pacific Northwest International Trade Association, One 
           World Trade Center,
                                      Portland, OR, July 21, 1997.
     Hon. Elizabeth Furse,
     U.S. House of Representatives, Washington, DC.
     Re: Capital Gains Exemption for Small Business Reinvestment 
         Act
       Dear Congresswoman Furse: PNITA commends you for 
     introducing this bill which has our enthusiastic support. As 
     a small business state we believe this legislation will help 
     to encourage small businesses in general and specifically 
     provide a greater opportunity for investment by people who 
     own and operate small businesses.
       We ask that your staff keep us informed as this bill is 
     assigned to committee so that PNITA members may do whatever 
     is necessary to insure its timely passage.
       Again, we appreciate your continued support of the small 
     business community. We know that your bill will help small 
     businesses nationwide as the similar Oregon law has helped 
     Oregon companies.
           Sincerely,
                                                 Steven W. Newman,
                                               Executive Director.

     

                          ____________________