February 26th, 2016
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Small businesses are the backbone of our national economy, creating 60 to 80 percent of new jobs every year. The 18th Congressional District is famous for its innovative small businesses whose products and ideas have literally changed the world.
Rep. Eshoo continues to work to pass legislation that will ensure small businesses remain viable, productive, and innovative.
Small Business Tax Simplification Act
In the 112th Congress, Rep. Eshoo was a cosponsor of H.R. 4643, the Small Business Tax Simplification Act, bipartisan legislation that will help simplify tax reporting for more of America’s small businesses.
Depending on the size of a small business, there are essentially two accounting methods available today when reporting income to the IRS: cash accounting and accrual accounting. The cash accounting method is widely documented as an easier option for small business owners because it more closely matches the way a small business owner keeps their books.
H.R. 4643 expands the number of small businesses eligible to use cash accounting by increasing the threshold from $5 million to $10 million in gross receipts. Under this legislation, small businesses would continue to have the choice of using cash or accrual accounting, enabling them to use the method that works best for their business.
Credit Union Small Business Jobs Creation Act
In the 113th Congress, Rep. Eshoo is once again a cosponsor of H.R. 688, the Credit Union Small Business Jobs Creation Act. Under current law, a credit union cannot lend more than 12.25% of its total assets out to its member businesses. This cap creates an unnecessary limit on lending at a time when there is already a shortage of credit for small businesses. H.R. 688 would authorize the National Credit Union Administration Board to raise the lending cap to 27.5% upon a finding that the credit union is well-capitalized and well managed. This would free up additional capital to be lent to small businesses and would create jobs.
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