Economy
Across South Dakota, small businesses
anchor rural communities, providing and creating jobs
while contributing innovations to our nation’s
manufacturing, technology and service sectors. Small
businesses did not cause the financial meltdown on
Wall Street - in many cases they were the victims
- but we will ultimately rely on their commitment
to America foundational economic ideals of free enterprise
and unbridled ingenuity to lead our economic comeback.
I
have been working hard to respond to the national
economic recession that is affecting South Dakota,
and to ensure the prosperity and viability of small
community business across our state. The American
Recovery and Reinvestment Act of 2009, which I supported,
provides tax relief for businesses in the form of
enhanced expensing and bonus depreciation for investments
in new facilities and equipment, an extension of the
carry back period for net operation loss to five years,
a delay of the 3% withholding tax on payments for
the sale of goods or services to governments, and
a cut in the capital gains tax cut for investors in
small businesses who hold stock for more than five
years. The law also seeks to ensure South Dakota small
businesses will have access to the credit they need
to continue growing and producing jobs, including
$720 million for U.S. Small Business Administration
loan guarantee programs and $150 million to guarantee
$2.99 billion in loans specifically for businesses
in rural areas. These measures should help small businesses
weather this storm, and lead our nation back to prosperity.
Back
|
