U.S. Reps. Chris Collins and Eric Swalwell (California) introduced H.R. 2409, the Main Street Revival Act, which would expedite local small business development in underserved areas.
"If Washington is serious about getting our economy back on track, Congress needs to get serious about supporting American small businesses," Collins said Tuesday. "Encouraging and incentivizing new small businesses, particularly in struggling areas, is critical to rebuilding our economy. This legislation represents the practical, commonsense solutions Washington needs to take to nurture small business development, create jobs, and spur tangible economic development in our communities."
"When small businesses can get off the ground, the whole community wins," Swalwell said. "The Main Street Revival Act would relieve small businesses of a significant expense during their crucial first year, giving them more capital to grow and succeed. This bill was the first piece of legislation I ever introduced, and I'm thrilled to re-introduce it today with Congressman Collins to fight for small businesses and economic development."
The Main Street Revival Act allows qualifying small businesses to elect to defer paying payroll taxes during their first year in operation. The deferred taxes would then be paid in installments over the subsequent four years. The option is limited to businesses expecting to hire no more than 25 people in their first year, and that are located in historically underutilized business zones, known as HUBZones.
Full text of the legislation can be read here: http://swalwell.house.gov/wp-content/uploads/SWALWE_002_xml.pdf.