Small Business Jobs Act Dies In Senate

Jeff Merkley

Enlarge

WASHINGTON, DC -- Following a block by Republicans, the Small Business Jobs Act died in the Senate Thursday. Supporters of the legislation said it would have encouraged investment in small businesses, by allowing investors to exclude 100% of the gains from the sale of certain small business stock from their income, if the stock was held for more than five years. The legislation would have also allowed small business taxpayers to write off more of the cost of purchases for their business. Senator Jeff Merkley said Thursday's no vote of the Small Business Jobs Act hurts Oregon businesses that have struggled during the recession.

"They are working hard to keep their doors open and to hang onto the employees they have. These businesses are the backbone of our communities and our economy. This bill powers up small businesses so they can do more than just keep their doors open. It strengthens their bottom line and provides access to capital so they can seize opportunities to expand, put Americans to work, and lead us out of this recession."

Merkley said he would like lawmakers to put politics aside and focus on supporting small business.

If you see local news happen, call the Horizon Broadcasting Group News Tip Hotline at 541-323-NEWS, or email us.