[Congressional Record (Bound Edition), Volume 156 (2010), Part 8]
[Extensions of Remarks]
[Page 11344]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    HOUSE SMALL BUSINESS LEGISLATION

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                            HON. IKE SKELTON

                              of missouri

                    in the house of representatives

                         Tuesday, June 22, 2010

  Mr. SKELTON. Madam Speaker, one of the surest ways government can 
help generate economic activity, innovation, and job growth is by 
cutting taxes on small businesses, which are the backbone of the U.S. 
economy and employ more than half of all American workers.
  I have voted for and cosponsored a number of small business tax cut 
bills during the 111th Congress and was pleased to vote last week in 
support of H.R. 5486, the Small Business Jobs Tax Relief Act. Among 
other things, this bill would cut capital gains taxes for small 
businesses and would quadruple the tax deduction for business start-up 
expenses from $5,000 to $20,000. H.R. 5486 is common sense legislation 
and ought to be quickly enacted.
  Another way to stimulate business activity and create jobs is to help 
America's community banks lend money to small businesses. Business 
owners in Missouri tell me they want to expand but cannot because of a 
lack of financing. A second bill considered in the House last week, 
H.R. 5297, would allow small banks to tap into a $30 billion fund at 
the Treasury Department so they can issue loans to healthy small 
businesses thirsting for capital to expand operations and hire workers. 
These funds would bypass Wall Street and go directly to Missouri 
communities where they can do the most good for small businesses.
  Because the creation of this small bank lending fund is so important 
to economic development and job creation, it is supported by America's 
home town banks, small businesses, Realtors, and home builders, among 
others. I was pleased to support H.R. 5297 and encouraged that it 
passed the House with bipartisan support. I urge prompt action in the 
Senate.

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