Durbin backs small business legislation
September 26, 2010By: Randi Belisimo
The Small Business Jobs Act will go to the President's desk Monday, and by giving incentives to community banks to extend more capital, it is intended to jump start job creation.
Sen. Dick Durbin joined with House sponsor Rep. Melissa Bean Sunday on the near north side to explain the legislation. It gives small businesses $12 billion dollars in tax cuts and creates a $30 billion dollar small business lending fund to small banks.
They say the bill rewards entrepreneurs for new investments in small businesses by granting them 100 percent exclusion from capital gains taxes.
Both Durbin and Bean say this bill is one of the single most important that has been passed this year aimed at economic recovery. It's expected to create 500,000 new jobs.