Senator Mary Landrieu Champions Small Business Jobs Act
Posted on Sep 29, 2010 in Legislation, Local Issues, National Issues
The job market received a much needed boost this week when President Barack Obama signed Senator Mary Landrieu’s Small Business Jobs Act into law.
Over thirty billion dollars in loans and twelve billion dollars in tax incentives will be made available to small businesses across the country. Included in the incentives are eight small business tax cuts, which take effect immediately. New and expanding businesses will now be able to expense capital investments more effectively, deduct more from their taxes for start-up expenses, and avoid the capital gains tax on certain investments. Proponents of the act expect small business growth to increase immediately. President Obama called it,”the most significant step on behalf of our small businesses in more than decade.”
The effect on the job market is predicted to be felt right away. Sen Landrieu hopes it will transform the nations recent jobless recovery into a “job-filled recovery.” With unemployment at record highs, the relief could not come at a better time. As the incentives do not distinguish between types of small business, the job market is expected to improve in all fields. Those currently searching for work can expect to see an uptick in the number of job openings in the New Orleans area.
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