[Congressional Record Volume 162, Number 115 (Friday, July 15, 2016)]
[Extensions of Remarks]
[Pages E1142-E1143]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        THE SMALL BUSINESS START-UP SAVINGS ACCOUNTS ACT OF 2016

                                 ______
                                 

                          HON. TERRI A. SEWELL

                               of alabama

                    in the house of representatives

                        Thursday, July 14, 2016

  Ms. SEWELL of Alabama. Mr. Speaker, today, I re-introduced H.R. 5783, 
the Small Business Start-up Savings Accounts Act of 2016. Small 
businesses are the backbone of our economy and are an essential 
component of our continued economic recovery. These businesses generate 
half of our nation's gross domestic product and employ at least half of 
its workforce. The creation of small businesses allows Americans to 
produce things right here in America, as well as continue to out 
innovate and out-build the rest of the world.
  Unfortunately, the average entrepreneur spends roughly $80,000 in 
first year start-up costs, and these recovering economic times have 
made it even more difficult for prospective business owners to access 
vital start-up capital.
  As our economy continues to strengthen, it is important that Congress 
provides incentives and opportunities for entrepreneurs to launch new 
businesses and provide much needed jobs to our economy. For these 
reasons, I am re-introducing The Small Business Start-up Savings 
Accounts Act to assist individuals in starting their own businesses.
  This bill expands much needed lending to millions of small businesses 
and offers tax incentives to help small businesses grow, hire,

[[Page E1143]]

and fuel our economy. The bill would allow entrepreneurs to contribute 
up to $10,000 per year into a tax-free account, which could be used to 
purchase equipment, facilities, marketing, training, and accounting. 
Contributions to the account could accumulate up to $150,000 and be 
taken out tax-free.
  This is a common sense approach to encourage economic growth, and 
Congress should spend more of its time on legislation like this that 
can have a positive impact on average Americans. I urge all of my 
colleagues to co-sponsor this legislation and I yield back the balance 
of my time.

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