Statement by the Press Secretary on House of Representatives Action on Legislation to Provide Tax Incentives for Small-Business Job Creation and to Increase the Availability of Credit for Small Businesses

The President is grateful that the House of Representatives today moved to cut taxes for small businesses and encourage them to grow and hire. Getting the American people back to work is the President’s top economic priority, and our small businesses are the key to private sector job creation. That’s why the President has fought for new investments in small businesses, and has signed into law the HIRE Act, which extends tax credits for businesses that hire the unemployed. The bill passed tonight also includes the President’s proposal to eliminate capital gains taxes on small business investments. These tax cuts are part of a much-needed small business jobs package that will include the President’s Small Business Lending Fund and State Small Business Credit Initiative that the House is scheduled to vote on this week.

While these are important steps, the President urges Congress to keep fighting to pass other job creation measures and critical relief to states and the unemployed. This week, members of Congress will vote on an essential package of state and unemployment relief being considered by the Senate. The President hopes that Congress continues to vote to stand with the American people during these incredibly challenging economic times.