Rep. Johnson introduces 2 bills to boost small businesses
Congressman’s Entrepreneurs bill bipartisan; Transparency bill to level playing field for small businesses
WASHINGTON, D.C. – With Georgia’s small businesses in mind, Rep. Hank Johnson (GA-04) today introduced “The Help Entrepreneurs Create American Jobs Act” and “The Fairness and Transparency in Contracting Act.”
The Entrepreneurs Act, a bipartisan bill, would permanently double the tax cut for start-up businesses. The Fairness in Contracting Act would ensure that federal small business contracts go to genuine small businesses instead of subsidiaries of large companies.
Johnson said Congress should focus on helping small businesses grow and create jobs. To watch the floor speech, click HERE.
“Creating jobs and supporting American entrepreneurs should be our No. 1 priority in Congress,” said Johnson. “We must make it easier for Americans to start small businesses. And we need to level the playing field. Large companies need to stop masquerading as small businesses to get government contracts, especially given how many small businesses are struggling in this economy. My bill will go a long way in helping stop this abuse.”
“The Help Entrepreneurs Create American Jobs Act” (H.R. 1621) would permanently double the first-year startup expenses deduction from $5,000 to $10,000. It will also increase the ceiling at which deductions begin to phase out from $50,000 to $60,000.
The bill, which has more than 30 co-sponsors from both parties, is supported by the National Small Business Association, the National Association for the Self-Employed, Gwinnett County Chamber of Commerce, DeKalb County Chamber of Commerce, the Georgia Chamber of Commerce, the Metro Atlanta Chamber of Commerce, and the American Sustainable Business Council, among others.
“The Fairness and Transparency in Contracting Act” (H.R. 1622) is a direct result of more than 15 investigations that exposed widespread abuses in the federal small business contracting programs.
The Small Business Administration Inspector General found in 2002 that at least 4.4 percent of 1,000 contractors awarded federal funds designated for small businesses did not meet basic requirements to receive those contracts.
To correct this, “The Fairness and Transparency in Contracting Act” would modify the definition of a small business in the Small Business Act by including the additional requirement that no publicly traded company can qualify as a small business. It also allows a person to file a complaint if they have evidence that a small business contract was improperly awarded.
The Fairness and Transparency Act has more than a dozen cosponsors.