Reps. Kim, Burchett, and Horn Introduce Small Business Empowerment Bill
WASHINGTON, DC – Today, Congressman Andy Kim (NJ-03), Congressman Tim Burchett (TN-02), and Congresswoman Kendra Horn (OK-05) introduced the Access Business Credit (ABC) Act, H.R. 4805. The ABC Act would create a new incentive program that would empower community banks to lend to small businesses by easing their tax burden.
“Small businesses are critical to Burlington and Ocean Counties. When they succeed, we all succeed,” said Congressman Kim. “I’ve heard from our local small business owners that they want to see Washington make key programs work for them, so they can jumpstart job creation in our communities. I look forward to working with my colleagues on both sides of the aisle to lift up our entrepreneurs and help them build opportunities in New Jersey.”
According to the Small Business Administration, there are more than 13,000 small businesses in New Jersey’s Third Congressional District, employing nearly 125,000 New Jerseyans.
“In East Tennessee, small businesses are key job creators and economic drivers,” said Congressman Burchett. “Government should create an environment that encourages job growth, and this legislation would do just that by supporting better access to credit for small business owners. I’m proud to support this bill and small business entrepreneurs across the nation.”
“Small businesses are the backbone of Oklahoma’s economy. Part of my role in Congress is finding ways to support small businesses who work tirelessly to be successful,” said Congresswoman Horn. “One of the most common challenges business owners share with me is lack of adequate access to capital. That’s why I’m proud to introduce this bipartisan legislation, to incentivize community banks to provide small business owners the critical funds they need to serve their communities and move our economy forward.”
This bill would amend the Internal Revenue Code to allow smaller community banks to exclude qualified interest received by a lender for small business loans from their gross income for tax purposes.
“Small businesses are essential to our economy and a strong source of innovation,” said Christopher D. Maher, OceanFirst Bank Chairman and Chief Executive Officer. “OceanFirst Bank supports the efforts of entrepreneurs throughout our region and appreciates the policies targeting the success of our business community.”
“This bill would be instrumental in helping small businesses deal with the ever-increasing tax burdens,” said Jerry Thompson, co-chair of Congressman Kim’s Small Business Advisory Council and Chair of the Southern Ocean Chamber of Commerce Economic Development Committee. “This bill would have a positive impact in job creation and small business successes.”
Earlier this year, Congressman Kim introduced the Small Business Regulatory Relief Act, which would improve efforts to help small business owners navigate federal regulations. He also introduced the Patriotic Employer Protection Act, which would help small business owners who are, or employee, military reservists.
Congressman Kim is a member of the House Committee on Small Business, and the Chairman of the Subcommittee on Economic Growth, Tax and Capital Access.