In the News
Mid-Hudson News: Hall introduces legislation to support small business
February 16, 2010
FISHKILL – Congressman John Hall announced the introduction of a new bill, the Helping Small Businesses Start and Grow Act, which he said would provide tax incentives for them. The bill is so new that he hasn’t begun to seek co-sponsors, but he is hopeful he will persuade other lawmakers to sign onto it.
Hall announced his legislation at businesses in Fishkill and Cornwall, Monday.
“One area that I really think we need to target more is small business, because small businesses are usually the first affected by a downturn in the economy and hit the hardest when times get tough,” he said.
Hall’s bill came from ideas he heard during a series of business roundtables he held across his 19th Congressional District.
Among the provisions of the proposal is to give the Small Business Administration the authority to provide low-interest loans of up to $1.5 million to small businesses over the next two years.
That is something supported by Dutchess County Regional Chamber of Commerce President Charles North.
“As a former banker, I need to let you know that this is a message sent from heaven that SBA will be able to lend money directly,” he said. “Banks have their purpose and SBA normally had provided guarantees, now with the SBA to be able to lend money directly, it will cut out the middleman and I think small businesses will be able to get the money a lot quicker.”
The legislation also has the support of Lea Bishop, director of small business development at the Greater Southern Dutchess Chamber of Commerce.
Hall’s plan would increase the business start-up tax deduction from $5,000 to $50,000; simplify the tax filing for home-based businesses; allow small businesses to deduct 80 percent of their business-related meal and entertainment expenses from their taxes; and give small businesses an immediate 50 percent tax write-off as “bonus depreciation.”
Mid-Hudson News: Hall introduces legislation to support small business
February 16, 2010
FISHKILL – Congressman John Hall announced the introduction of a new bill, the Helping Small Businesses Start and Grow Act, which he said would provide tax incentives for them. The bill is so new that he hasn’t begun to seek co-sponsors, but he is hopeful he will persuade other lawmakers to sign onto it.
Hall announced his legislation at businesses in Fishkill and Cornwall, Monday.
“One area that I really think we need to target more is small business, because small businesses are usually the first affected by a downturn in the economy and hit the hardest when times get tough,” he said.
Hall’s bill came from ideas he heard during a series of business roundtables he held across his 19th Congressional District.
Among the provisions of the proposal is to give the Small Business Administration the authority to provide low-interest loans of up to $1.5 million to small businesses over the next two years.
That is something supported by Dutchess County Regional Chamber of Commerce President Charles North.
“As a former banker, I need to let you know that this is a message sent from heaven that SBA will be able to lend money directly,” he said. “Banks have their purpose and SBA normally had provided guarantees, now with the SBA to be able to lend money directly, it will cut out the middleman and I think small businesses will be able to get the money a lot quicker.”
The legislation also has the support of Lea Bishop, director of small business development at the Greater Southern Dutchess Chamber of Commerce.
Hall’s plan would increase the business start-up tax deduction from $5,000 to $50,000; simplify the tax filing for home-based businesses; allow small businesses to deduct 80 percent of their business-related meal and entertainment expenses from their taxes; and give small businesses an immediate 50 percent tax write-off as “bonus depreciation.”
