This week the U.S. House, without fanfare, passed H.R. 1105, Small Business Capitol Access and Job Preservation Act, which will reduce costs for private equity firms and allow increased investments into small businesses. U. S. Representative Randy Hultgen (IL-14), one of the co-signers of the bill stated, “When backed by private capital, these businesses have grown jobs 3.5 times faster than others. Freeing up private equity firms to invest will get much-needed capital off the sidelines and directly into the hands of our job creators—Illinois’ small businesses.” The bill passed with a non-partisan vote of 254 to 159.
The bill will reduce over-regulation implemented by Dodd-Frank and increase private investing capitol into small businesses, which in turn will encourage the creation of new jobs and economic stimulation across the country.
Illinois Rep. Hultgren also co-signed two other important pieces of legislation contained in a small business package, H.R. 3169, introduced by Rep. Michael Michaud (ME 2), entitled IRS Rulemaking Fairness Act of 2013. This legislation would add the IRS to the list of agencies required to report on the impact a proposed rule would have on small businesses. Currently, IRS is the only agency not required to report. The other legislation is H.R. 3479, introduced by Rep. Mac Thornberry (TX 13), entitled Small Business Taxpayer Bill of Rights of 2013. This bill would protect small businesses by allowing eligible businesses to recoup attorney fees from abusive IRS claims and increases amount of damages taxpayers can collect from IRS due to reckless collection or improperly disclosing tax information. Both of these bills are still in congressional committees and have yet to pass the House.