Letter regarding H.R. 5297, the "Small Business Jobs Act of 2010"
TO THE MEMBERS OF THE UNITED STATES SENATE:
The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, would support the Reid, Baucus, and Landrieu amendment in the nature of a substitute to H.R. 5297, the “Small Business Jobs Act of 2010,” after fair consideration of Senate amendments.
To get the economy back on track and generating jobs, America needs a strong and vibrant small business community. To that end, H.R. 5297 contains many provisions that would allow entrepreneurs to have more access to capital. Additionally, the bill contains important tax code changes that would encourage investment, promote fairness, and allow small business owners to retain existing cash flow from operations in order to start, grow, and expand their enterprises.
However, the Chamber is concerned about increasing the penalties for failure to file information returns. In 2012, virtually every business and non-profit will face greatly expanded information filing obligations with the IRS. Increasing fees at this time could be counterproductive.
Ninety-six percent of the Chamber’s members are small businesses with fewer than one hundred employees. On behalf of these small businesses, we look forward to supporting the substitute amendment after fair consideration of Senate amendments.
R. Bruce Josten