POLICY SNAPSHOT

Progress

  • Signed 18 direct tax breaks that bolster small business growth, including new credits for hiring unemployed workers and veterans and investing in new equipment.
    Read about: tax cuts for small business
    Read about tax cuts for small business: http://wh.gov/T0K
  • Supported lending to more than 166,000 small businesses through community banks, state-run loan programs, and the Small Business Administration.
    Read about: small business lending
    Read about small business lending: http://wh.gov/T0K
  • Reformed patent law to help entrepreneurs bring their inventions to market sooner, reduce patent application backlog, and protect U.S. intellectual property abroad.
    Read about: the America Invents Act
    Read about the America Invents Act: http://wh.gov/Mvc
  • Cut red tape to help small businesses and entrepreneurs raise capital from investors more efficiently so they can expand and hire more quickly.
    Read about: the Jumpstart Our Business Startups (JOBS) Act
    Read about the Jumpstart Our Business Startups (JOBS) Act: http://wh.gov/Qks
  • Established a tax credit that helped an estimated 360,000 small businesses with the cost of providing health insurance for 2 million workers in 2011. The credit will increase in 2014.
    Read about: affordable health care for small businesses
    Read about affordable health care for small businesses: http://wh.gov/UVm
  • Launched a centralized, one-stop shop to make it easier than ever for businesses of all sizes to access services to help them grow, hire, and export.
    Read about: BusinessUSA
    Read about BusinessUSA: http://wh.gov/8rK
  • Launched an initiative to accelerate high-growth entrepreneurship by expanding access to capital, cutting red tape that stifles breakthroughs, and creating new opportunities in underserved areas and emerging markets.
    Read about: Startup America
    Read about Startup America: http://wh.gov/KsN
28 million American small businesses create 2 of every 3 new jobs and employ half of the nation's workforce

What's Next

  • Jumpstart small business hiring by cutting taxes for businesses that hire new workers or pay higher wages.
    Read about: the Small Business Hiring Tax Credit
    Read about the Small Business Hiring Tax Credit: http://wh.gov/v9v
  • Renew tax breaks that allow companies to immediately write off the total cost of certain purchases like computers and machines to encourage investment.
    Read about: 100 percent expensing
    Read about 100 percent expensing: http://wh.gov/Mvx
  • In 2014, small business will be able to shop for affordable health insurance plans through state-based marketplaces, and be eligible tax credits that cover up to 50% of the cost of providing health care for employees.
    Read about: expanding tax credits for health care
    Read about expanding tax credits for health care: http://wh.gov/Mva
  • Permanently eliminate capital gains taxes on certain small business stock held for more than five years to encourage investment that provides crucial funding for small businesses.
    Read about: eliminating capital gains
    Read about eliminating capital gains: http://wh.gov/Mvx
The Small Business Hiring Income Tax Credit would spur more than $200 billion in new hiring & pay raises

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