Gillibrand urges the Senate to extend small-business tax breaks

“Small businesses are the backbone of our economy and the most powerful job creators we have,” Gillibrand said at an event in Queens, N.Y., on Tuesday. “When we provide the tools that small-business leaders need, we can help this economic engine take off.”

{mosads}Gillibrand urged the Senate to vote on S. 3442 when it returns from recess because the bill would provide investors with strong incentives to invest in small-business stock, double deductions for startup expenses, purchase new equipment and continue tax credits targeted for small businesses that expire at the end of the year.

In 2010, Congress passed the Small Business Jobs Act, which provided tax benefits to small businesses, such as eliminating capital gains tax on investments in small business and cutting taxes for businesses that invest in new equipment. Gillibrand’s bill would extend some of those benefits that are set to expire for one year.

In Queens, Gillibrand highlighted female small-business owners, saying they typically start with eight times less capital than male small-business owners, despite women owning more than 10 million of the small businesses within the United States. The Success Act would make more capital available to all small-business owners.

“I’ve heard from women in Queens and all across the state,” Gillibrand said. “I know women are ready to lead us to a thriving and stable economy, with new good-paying jobs that can support a family.”

Audra Fordin, owner of Great Bear Auto Repair and Auto Body Shop, joined the senator in support of the legislation.

“As the first woman to run my family’s auto repair and auto body shop, I know from experience what the challenges and opportunities are to build a successful business,” Fordin said. “With careful budget planning and networking, my company has turned a profit over the past few years. Extending these tax breaks would be a major incentive to help grow my business further. By providing some needed breathing room, I would be able to immediately divert resources toward staff and new equipment upgrades, which are a win for my business and for the community.”

Democratic Sens. Richard Blumenthal (Conn.), Barbara Boxer (Calif.), Ben Cardin (Md.), Jeff Merkley (Ore.), Jeanne Shaheen (N.H.) and Sheldon Whitehouse (R.I.) are also co-sponsoring the bill.