DAVID SCOTT - CONGRESSMAN, REPRESENTING GEORGIA'S 13TH DISTRICT
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Posted by
on
May 07, 2012
Summer employment is critical to the success of young people, good for business, and important for our country. But today’s youth are struggling to get the work experience they need for the jobs of the future. Just 48.8 percent of youth between the ages of 16-24 were employed last July - the month when youth employment usually peaks. This is significantly lower than the 59.2 percent of youth who were employed five years ago and 63.3 percent of youth who were employed 10 years ago.
The Summer Jobs+ initiative has 90,000 paid jobs and thousands more mentoring programs, internships and other training opportunities for youth. To locate an opportunity in your community, visit the Jobs+ initiative at: https://webapps.dol.gov/summerjobs Employers are encouraged to join the effort at the site on this link. Summer jobs are often a major life learning experience for young people. What did you learn from your summer job? What advice do you have for today's youth? Please submit your thoughts below.
Posted by
on
April 12, 2012
Students, you're invited to meet representatives of America's Military Academies at Georgia's 2012 Academy Day on Saturday, May 12. You MUST register by 5:00 pm on April 30, 2012 online at http://isakson.senate.gov/contactsad.cfm or by calling Nancy Brooks at 770.661.0999. Applicants may also contact Congressman David Scott's District Office at 770-210-5073 for more information on how to obtain an appointment to a military academy.
Posted by
on
April 09, 2012
On April 5, the President signed the Jumpstart Our Business Startups Act (H.R. 3606) into law (P.L. 112-106). The "JOBS Act" will allow small businesses and start-up enterprises to raise capital from investors more efficiently. Congressman Scott voted for this bi-partisan bill and similar bills which were first considered in one of his committees - the Financial Services Committee.
The JOBS Act will help growing businesses access financing in several ways: • Allowing Small Businesses to Harness “Crowdfunding”: startups and small businesses will be allowed to raise up to $1 million annually from many small-dollar investors through web-based platforms. All crowdfunding must occur through platforms that are registered with a self-regulatory organization and regulated by the SEC. • Expanding “Mini Public Offerings”: The JOBS Act will raise the "regulation A" exemption threshold to $50 million from $5 million for for smaller innovative companies to raise capital consistent with investor protections. • Creating an “IPO On-Ramp”: The JOBS Act makes it easier for young, high-growth firms to go public by providing an incubator period for a new class of “Emerging Growth Companies.” During this period, qualifying companies will have time to reach compliance with certain public company disclosure and auditing requirements after their initial public offering (IPO). Firms currently have up to two years after the IPO to comply with certain Sarbanes-Oxley auditing requirements. The JOBS Act extends that period to a maximum of five years. Additionally, the JOBS Act changes some existing limitations on how companies can solicit private investments from “accredited investors.
Posted by
on
February 24, 2012
Many seniors in high school are counting the days until they can graduate and start college. However, their parents may be dreading the coming expenses for tuition. The cost of college tuition is increasing faster than the rate of inflation and a lot of families do not want to rack up huge student loan debts. Grants and loans are available to many students. Yet, that assistance may not fully cover education expenses. To help, there are several savings programs and tax breaks to help pay for school.
You can start a "529" college savings plan for as little as $25. Interest earned in the plans grow tax free and withdrawals are not taxed if used for qualified college expenses. In addition, contributions up to $2,000 can be deducted from state income taxes. You can learn more about the Georgia plan at http://www.path2college529.com/index.html You can save up to $2,000 annually in a Coverdell Education Savings Account. Interest is earned tax free and withdrawals are tax free if they are used for a qualified education expense for K-12 or college. Parents or grandparents may also be able to tap into their regular IRA for education expenses without penalty in certain circumstances. Learn more at this link. There are a number of tax credits and deductions available for qualified education expenses. The American Opportunity Credit and Lifetime Learning Credit are two programs that can offset out of pocket education expenses. To learn more about federal education tax credits, visit the IRS and click this link. Start planning now to find ways to cut tuition expenses. This page on the federal student aid website discusses 30 ways to reduce college costs. You may also be interested in viewing federal student aid available http://www.fafsa.ed.gov/ and the Georgia HOPE Scholarship program https://secure.gacollege411.org/Home/_default.aspx What ideas can you share about paying for college? If you have a complaint about a private student loan, you can share your concerns with the Consumer Financial Protection Bureau at: http://www.consumerfinance.gov/blog/our-student-loan-complaint-system-is-open-for-business/
Posted by
on
February 17, 2012
Congress passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act. This bipartisan agreement extends the payroll tax cut for 160 million Americans; continues unemployment benefits for the millions of Americans who lost their jobs; and ensures seniors can continue to see the doctor of their choice under Medicare. President Obama signed H.R. 3630 into law on February 22.
Major provisions of The Middle Class Tax Relief and Job Creation Act: Payroll Tax Cut - Extends the payroll tax cut for the remainder of 2012. Increases by $1,000 the annual take-home pay of a typical middle-class family. Unemployment Insurance - Continues federal unemployment insurance through the end of 2012 and gradually reduces the number of weeks. The current maximum level (99 weeks) of benefits extends through May, reduces the maximum to 79 over the summer, and to 73 in September – depending on a state’s unemployment rate. - Drug testing: the bill permits states to drug screen and test anyone who (1) lost their job because of drug abuse, or (2) is seeking a job that regularly requires a drug test. - TANF: extends Temporary Assistance for Needy Families (TANF) through Fiscal Year 2012 and ensures that funds cannot be accessed at ATMs in strip clubs, liquor stores, and casinos. Ensuring Access for Seniors to See Their Doctors - Ensures that Medicare beneficiaries will continue to have access to their physicians by blocking a scheduled 27.4 percent cut in Medicare physician payment rates
Posted by
on
February 14, 2012
Federal and state governments recently settled a major agreement with the country’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
Over the next three years, the settlement funds will be used for:
Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance. Then, over the next six to nine months, homeowners eligible for relief will be identified and contacted directly. The settlement has an informational website: http://www.nationalmortgagesettlement.com/ You may contact your bank directly if you need additional information: Ally/GMAC: 800-766-4622 Bank of America: 877-488-7814 Citi: 866-272-4749 JPMorgan Chase: 866-372-6901 Wells Fargo: 800-288-3212 Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac: http://www.fanniemae.com/loanlookup/ http://www.freddiemac.com/mymortgage If you have additional questions, you may want to visit: http://www.nationalmortgagesettlement.com/faq
Posted by
on
February 02, 2012
Update: The Wall Street Journal has a good article about accessing government grants for small business contractors. Read the article at this link. · The bill creates a $30 billion Small Business Lending Fund to provide community banks with capital to increase small business lending. The fund is limited to the smallest banks with $10 billion or less in assets. · The bill invests $1.5 billion in grants to support $15 billion in new small business lending through successful state programs. · It expands access to, and lowers costs for, small business to access SBA loans and also increases SBA loan limits. · Investment in small businesses will be stimulated by a 100% exclusion from capital gains taxes on small business investments. · Small business taxes will be decreased by allowing them to carry back general business tax credits to offset their taxes from the previous five years. Small businesses will also be able to count the general business credits against the Alternative Minimum Tax (AMT), which frees up capital for expansion and job growth. Spur Small Businesses Investments & Growth · The bill soubles small business expensing for immediate write offs of capital investments, such as equipment and machinery, in 2010 and 2011. It also expands purchases qualifying for expensing to include certain types of real property, such as leasehold, retail and restaurant improvements. · The bill extends bonus depreciation, which allows businesses to immediately write off 50 percent of the cost of new equipment investments in 2010. Promote Entrepreneurship and Small Business Exports · Doubles to $10,000 the tax deduction for start-up expenditures for entrepreneurs looking to launch a new venture. · Creates a variety of new tools to help small businesses gain international market access and export goods, including a new State Export Promotion Grant Program (STEP), which will leverage more than $1 billion in exports. Promote Fairness in Competition · Removes onerous requirements that complicate the ability to deduct costs of cell phone use as a regular business expense · Allows self-employed individuals to deduct health insurance costs in paying the self-employment tax in 2010. · Removes the red tape and closes loopholes that too often put government contracts into the hands of multinational corporations, instead of Main Street businesses.
Posted by
on
February 02, 2012
The Congressional Management Foundation (CMF) has recognized Rep. Scott's website for winning a 112th Congress Bronze Mouse Award. He is the only Member of the Georgia Delegation to have his website be recognized.
CMF created the awards in 2001 to recognize and honor the best use of online communications in Congress. The award is part of CMF's latest report -- "112th Congress Gold Mouse Awards: Best Practices in Online Communications on Capitol Hill." "Rep. Scott is to be commended for educating citizens and achieving the highest degree of transparency and accountability in online communications," said Bradford Fitch, President and CEO of CMF. "In the 21st Century, a website is much more than a broadcasting tool for a political message - it's a virtual office and a window into our democratic institutions. These winners of the Platinum, Gold, Silver, and Bronze Mouse Awards understand the value of using the Internet to enlighten and serve constituents, and are examples for all congressional offices to follow," he said. For a list of all winners, visit the CMF website below: http://www.congressfoundation.org/projects/gold-mouse-project/112th-congress-gold-mouse-award-winners What information do you find useful on the website?
Posted by
on
December 08, 2011
This week the House Committee on Agriculture held a hearing to investigate the loss of $1.2 billion of investor funds by MF Global. The Committee has jurisdiction over the Commodity Futures Trading Commission (CFTC), which regulated MF Global. Congressman Scott participated in the hearings and asked questions of former CEO Jon Corzine.
There are obviously many unanswered questions regarding the collapse of MF Global. Chief among them of course is what happened to the customer funds that have disappeared. Is it missing because of poor accounting practices, or because of nefarious actions by a person or persons at MF Global? Congress must explore if this was an isolated incident of criminal malfeasance, or a systemic problem brought to light because of the scale of MF Global. A situation of this magnitude warrants no less than turning over every stone to identify what went wrong when, where, why and how. The Hill blog covered part of the Congressman's query to Governor Corzine: The Washington Post quoted the Congressman about the role of the regulator in the case: Rep. David Scott (D-Ga.) also blasted Gensler’s absence from the hearing room Thursday: “It’s an example of why the American people are rapidly losing faith in Washington.”
Posted by
on
November 04, 2011
Update - the President signed most of these provisions into law on April 5, (Public Law No: 112-106). Several of the small business bills listed below were merged as part of the Jumpstart Our Business Startups (JOBS) Act (H.R. 3606).
November 4, 2011 - This week, the House passed several positive small business bills to allow more flexibility in raising capital and to reduce regulatory burdens. Even though Congress has been in gridlock over many issues this year, these measures all received strong bi-partisan support. In fact, several of these ideas were included as part of the President’s American Jobs Act. As a member of the House Committee on Financial Services, I was able to review and help to craft these bills before they were called up for a vote on the floor. All of the bills are now pending action in the Senate. I will continue to work to find bi-partisan agreement on pro-jobs bills. Entrepreneur Access to Capital Act (H.R. 2930) provides exemptions from SEC requirements to allow small businesses to raise capital through crowdfunding. The issuer's offering cannot exceed $1 million. If the issuer provides investors with audited financial statements, then the offering amount may not exceed $2 million. The bill limits individual contributions to the lesser of $10,000 or 10% of the individual contributor's annual income. H.R. 2930 requires issuers and intermediaries to fulfill a number of requirements in order to avail themselves of this new exemption. H.R. 2930 passed the Financial Services Committee by a voice vote with my support and passed the House by a vote of 407 - 17. Increase Shareholder Threshold for SEC Registration (H.R. 1965) would increase the threshold for total assets that businesses and banks that issue non-publicly traded securities must hold before being required to register with the SEC. It also increases the threshold for the number of shareholders ("holders of record") banks must have to trigger SEC registration requirements. Specifically, the measure increases the current $1 million the level of total assets an issuer of non-publicly traded securities must hold to $10 million before the issuer is required to register with the SEC. In addition, if the issuer of securities is a bank, the bill raises to 2,000 from 500 the number of "holders of record" who can possess bank securities before the bank would be required to register with the SEC. H.R. 1965 passed the Financial Services Committee by a voice vote with my support and passed the House by a vote of 420 – 2. Small Company Capital Formation Act (HR 1070) would increase to $50 million from $5 million the annual public offering threshold for companies to be exempt from full SEC filing requirements; more companies would be allowed to use the SEC's simplified process (Reg A). In order for a company to be exempt from full SEC filing requirements, the aggregate offering amount of all securities sold within the prior 12-month period shall not exceed $50 million. H.R. 1070 passed the Financial Services Committee by a voice vote with my support and passed the House by a vote of 421 - 1. Access to Capital for Job Creators Act (H.R. 2940) directs the Securities and Exchange Commission (SEC) to revise its regulations to remove the prohibition against general solicitation or advertising on sales of non-publicly traded securities, provided that all purchasers of the securities are "accredited investors." The revised regulations must require that the securities issuer verify that the purchasers are accredited investors. H.R. 2940 passed the Financial Services Committee by a voice vote with my support and passed the House by a vote of 413 - 11. Last week, the House considered the 3% Withholding Repeal and Job Creation Act (H.R. 674), which would repeal an existing law requiring federal, state and local governments to withhold 3% of payments that are due to government contractors in order to improve tax compliance. This bill passed the House by a vote of 405 – 16 with my support. UPDATE: On 11/16, this measure officially passed both Houses and will be sent to the President for his signature into law. |
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