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Congressman Scott voted for the American Jobs and Closing Tax Loopholes Act, H.R. 4213.  This measure will help create or save more than a million American jobs by restoring credit to small businesses, extending tax incentives for American Research and Development (R&D) and energy, rebuilding American infrastructure, expanding summer jobs for young people, and providing tax relief for middle class American families. 

This measure passed the House by a vote of 245-171 and must now be approved by the Senate.  A summary of some of the provisions of the legislation are detailed below.

Small Business Lending

H.R. 4213 would restore credit flow to small businesses by extending key Recovery Act provisions to make small business loans more affordable and available through the end of the year. The program eliminates certain fees on Small Business Administration (SBA) loans and encourages banks to lend to small businesses by raising to 90 percent (from 75 percent) the portion of a loan that the SBA will guarantee.   Since its creation, this program has supported nearly $26 billion in small business lending.

Spurring American Innovation, U.S. Businesses, & Clean Energy

H.R. 4213 would extend the R&D Tax Credit to spur innovation at nearly 11,000 American businesses.  It also strengthens American-made energy with tax incentives for the production of biodiesel, natural gas, propane, biogas and liquid fuels derived from biomass and electricity produced from biomass.

Rebuilding America’s Infrastructure

H.R. 4213 would extend Build America Bonds through 2012. These bonds have helped finance more than $97 billion in infrastructure projects and supported 1.7 million jobs nationwide. It also would extend Recovery Zone bonds for economically distressed areas through 2011, which will help local municipalities raise more than $25 billion of capital for infrastructure and economic development projects and support more than 450,000 jobs.

Cutting Taxes for Middle-Class Families

• Provides up to 30 million homeowners with property tax relief;
• Benefits 12 million families through the State and local sales tax deduction;
• Helps more than 4 million families better afford college with the tuition deduction;
• Saves nearly 4 million teachers money with a deduction for classroom expenses;
• Takes steps to make sure that activated military reservists do not suffer a pay cut by providing a tax credit for small businesses that continue to pay their National Guard and Reserve employees when they are called up to serve. 

Summer Jobs for Young People & Job Creation for High Unemployment Areas

• Provides resources to support 350,000 jobs for youth ages 14 to 24 through summer employment programs. 
• Extends for one year the TANF Emergency Fund to help create jobs -- an emergency fund that 35 States are using or planning to use for a jobs program that subsidizes employers, including small businesses, who hire unemployed people. 
• Help businesses and individuals to invest in and succeed in certain economically depressed areas with the extension of tax incentives for Empowerment Zones and Renewal Communities, as well as the New Markets Tax Credit. 
• The bill extends emergency unemployment programs through November 30, 2010.

For more information about Small Business loan programs, please visit the SBA's website.

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