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General News: Rep. Hall Proposes Bill for Small Business
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| Congressman Hall introduced his incentive plan for small businesses. |
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| Brett Wells and Congressman Hall in the physical therapy room. |
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| Wells new business, Focus Physical Therapy, on Main Street, near the middle school. |
February 16, 2010
U.S. Congressman John Hall (D) came to Cornwall on Monday to announce his plan for legislation to help small businesses grow and he turned the spotlight on a new business on Main Street that is a classic start-up.
Congressman Hall, who represents the 19th District in Congress, held a press conference at Focus Physical Therapy, which opened in December 2009. He used it as a backdrop to introduce his plan for tax incentives for new businesses. The owner of the new center, Brett Wells, was on hand to talk about how he and his wife are betting on the Cornwall location for their future.
In announcing his new proposed law, Hall talked about the difficulties that small businesses like Focus face when they are trying to establish themselves. He recounted how, prior to running for Congress, he and his wife ran a music publishing company in which they were the only two employees.
Hall said that he has met with small business owners throughout Orange County and used their input to craft his proposal for the incentive package that he is calling the Helping Small Businesses Start and Grow Act. He stressed the urgency of getting small businesses operating in the black as a means of re-invigorating the still struggling economy.
Central to Hall’s proposal is the investment of unused TARP (Troubled Asset Recovery Program) funds to pay for a series of incentives, including loans of up to $1.5 million that would be administered by the Small Business Administration.
Other items include:
* Increases a business’s start-up deduction from $5,000 to $50,000
* Simplify tax filings on home-based business by offering a standard deduction of up to $2,500
* Give small business an immediate 50 percent tax write-off on equipment and other capital purchases
* Give small business access to low-interest loans of up to $1.5 million through the Small Business Adminstration.
When Congress gets back in session next Monday, Hall will be looking for other congressmembers to sign on to his bill. It will be discussed by the Small Business Committee, which is chaired by another New York representative, Nydia Velasquez, who could change it before sending it to the House floor for approval
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