Democrat Charlie Crist is teaming up with Naples Republican Tom Rooney for legislation to provide immediate tax relief to small businesses, which Crist says would enable them to invest in growth and provide higher wages to employees.
“The lingering impact of the Great Recession continues to make it difficult for many small businesses to obtain bank loans in order to grow,” the St. Petersburg congressman said Tuesday about HR 2680. “Economic expansion starts on Main Street — not Wall Street. Our bill gives locally owned businesses a much-needed boost, from the barber shop in South St. Petersburg to the tech entrepreneur in Clearwater. They should have an easier time hiring more people to serve more customers and expand their businesses. I look forward to working with Congressman Rooney to promote this common-sense, bipartisan effort to help our small businesses grow and improve communities across America.”
“This common-sense bill rewards small business for creating jobs in our communities,” Rooney added. “Promoting local businesses and encouraging job growth is not a partisan issue. I look forward to working with Congressman Crist on this innovative approach to helping America’s communities thrive.”
The bill calls for amending the Internal Revenue Code of 1986 to provide for small businesses an annual tax credit of 3.825 percent, equivalent to half of an employer’s payroll tax obligation, for up to three new employees and totaling $100,000 in wages.