The American Jobs Act (H.R. 12) will help small businesses innovate, grow and create jobs. In the last few months, the American people have witnessed endless gridlock in Congress. Now is the time to work across party lines to boost the economy for the good of the Country. What should Congress do to improve the economy? Share your comments below.
American Jobs Act provisions to help small businesses grow and hire:
- Cut in half small business payroll taxes (to 3.1%) for the first $5 million in wages
- Temporarily eliminate employer payroll taxes for small businesses that create jobs or give raises for existing workers above the prior year
- Extend the immediate 100% expensing write-off into 2012 to encourage even more businesses to invest in more machinery and equipment
- Large tax credits (up to $4,000) for businesses that hire workers who have been unemployed for 6 months, with bigger credits for hiring unemployed veterans
- Help small business contractors compete for infrastructure contracts and get SBA surety bonds up to $5 million
- Turn job seekers into job creators by making it easier for states to allow unemployed workers to start their own businesses
- Increase skills-based training to help workers transition to the innovation economy
- Raise the cap on “mini” public offerings of small firms from $5 million to $50 million and reducing the disproportionately high costs that smaller companies face when “going public.”
for a detailed summary of The American Jobs Act (H.R. 12).