As a former owner of a small business, I know firsthand that small businesses provide much-needed jobs, drive innovation and reflect the American values of hard work and perseverance. I also know the stresses of having to meet a payroll, and the tremendous responsibility a small business owner feels for his or her employees and their families.
However, small businesses face unique obstacles to success — and too many of these challenges come from the government. Our laws reflect an astounding array of complexity that does not give small business owners clear direction or certainty in their respective markets. And, on top of that, the personal income tax, property tax, Social Security and Medicare payroll tax, capital gains tax and corporate taxes burden business owners, limiting their competitiveness and hindering their success.
Small business owners are passionate about what they do, and they care about their employees and the communities they serve. The federal government shouldn’t stand in the way of their success. That’s why I want to let you know of the numerous bills I have supported which will help small businesses thrive, even amidst uncertain economic times.
With the help for my colleagues in the House of Representatives, the following changes have been signed into law:
• Waived upfront Small Business Administration loan fees for veterans;
• Made a $500,000 tax credit for capital purchases permanent;
• Made the research and development tax credit permanent;
• Increased transparency, opportunity and reforms for small defense contractors;
• Expanded bonus depreciation through 2019;
• Repealed oil export ban;
• When the Small Business Administration hit its ceiling for its 7(a) loan program, raised ceiling to $23.5 billion;
• Enhanced state and federal trade coordination efforts to help small businesses;
• Opened doors for economic development through local certified development companies; and
• Allowed smarter investments for our best innovators.
All these changes help reduce the burdens of small business owners and allow them to spend less time worrying about red tape and more time on serving their customers. Our country runs on small businesses, and it is my goal to continue to support an economic atmosphere that is conducive for small businesses of all kinds to flourish and prosper.
Please let me know if you ever need help with a federal government agency by contacting my local office at 520-0055.
Congressman Doug Lamborn serves as Chairman of the Subcommittee on Energy and Mineral Resources of the House Committee on Natural Resources. Additionally, he serves on the House Armed Services Committee and House Veterans’ Affairs Committee.