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House Republicans Have Voted Against Small Business, Including 7 of 8 Small Business Tax Cuts Enacted into Law

The rhetoric of House Republicans is that they have been working to help create small business jobs and to address the concerns of small business owners. And yet their record has been the opposite. For example, House Republicans have:

Voted against the Small Business Jobs and Credit Act, a bill that leverages $300 billion in private bank loans, primarily for small businesses so they can grow and hire, and provides additional tax relief for small businesses;

Voted against a bill that would eliminate the “1099” reporting requirements for small businesses that had been included in the Affordable Care Act; and

Voted against seven of eight small business tax cuts that have been enacted into law.

Below are the eight tax cuts for small businesses that have been enacted so far by the 111th Congress and how House Republicans have voted on each one.

Provide a payroll tax holiday for businesses that hire unemployed workers and an income tax credit of $1,000 for businesses that retain these employees.  (According to the Treasury Department, between February and June 2010, businesses had hired 5.6 million workers who had been unemployed for 8 weeks or longer, making those businesses eligible for HIRE Act tax exemptions and credits.)  97% of House Republicans voted no.

Effective January 1, 2010, provide $40 billion in tax credits for small businesses to help them offer employee health insurance coverage – if they choose to do so.  These tax credits will cover a portion of the premium costs for their employees’ coverage.  More than 4 million small businesses are eligible for these credits.  All House Republicans voted no.

Allow businesses to use net operating losses to offset profits from five previous years, up from two years.

Spur small business investment by providing enhanced small business expensing, doubling the amount small businesses can immediately write off their taxes for capital investments and purchases of new equipment made in 2009. All House Republicans voted noExtends the enhanced small business expensing provisions for investments and purchases made in 2010. 97% of House Republicans voted no.

Help businesses quickly recover costs of new capital investments by providing increased bonus depreciation for businesses that made investments in new plants and equipment in 2009. All House Republicans voted no.

Spur investments in small businesses by providing an exclusion of 75 percent (up from 50 percent) of capital gains from taxes for investors in small businesses who buy stock (in 2009 and 2010) and hold it for more than five years.  All House Republicans voted no.

Reduce the required estimated tax payments for certain small businesses in 2009. All House Republicans voted no.

Provide tax relief for taxable corporations converting into S corporations in 2009 and 2010 by reducing the built-in gains holding period from 10 years to 7 years (with gains held for the holding period exempt from tax). All House Republicans voted no.

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