Congressman Cohen Votes for Small Business Growth
Washington, DC – Congressman Steve Cohen voted today to provide tax relief to small businesses and extend financing measures to create jobs.
H.R. 4849, the Small Business and Infrastructure Tax Act of 2010, has bipartisan provisions to spur investment in local rebuilding projects and will assist small businesses in obtaining capital to ensure continued growth and future hiring.
“The unemployment rate for Memphis is higher than the national unemployment rate,” Congressman Cohen said. “The American Recovery and Reinvestment Act has saved and created thousands of jobs in the 9th District and over 2 million jobs nationally. However, in a poll taken during my telephone town hall meeting last night, 58% of respondents felt that job creation is still the most important issue since health care has passed. I am pleased that the House is promoting the growth of small businesses by advocating investments in small businesses, increasing tax deductions for start-up expenditures, and encouraging significant investments in low-income communities.”
H.R. 4849 also extends the Temporary Assistance for Needy Families (TANF) Jobs and Assistance Fund, which extends the basic assistance for families in the TANF program and continues to subsidize employment programs through September 30, 2011.
“Getting Memphians back to work is my number one priority,” Congressman Cohen said. “I am excited that this bill extends the TANF Emergency Fund that is already on track to put thousands of Americans back to work.”
“I am also pleased that this bill extends the successful Build America Bonds (BABs) that helps local governments offer bonds for the building or reconstruction of schools, sewers, hospitals and transit projects,” Congressman Cohen said. “Whether it’s extending assistance for needy families, encouraging individual investments in small businesses, or endorsing investments in low-income areas, every little bit helps.”
The authorization for TANF is set to expire on September 30, 2010 with some States planning to discontinue their job programs between April and June without this extension. This bill will extend this program and increase TANF funding by $2.5 billion for one fiscal year.
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