US Senator Kirsten Gillibrand and Congressman Tim Bishop recently announced federal legislation designed to extend targeted tax breaks for small businesses. Women-run small businesses are among the fastest growing segments of the economy, but start with eight times less capital. Senator Gillibrand urged the U.S. Senate to vote on the SUCCESS Act of 2012, legislation that would provide investors with strong incentives to invest in small business stock, double deductions for start-up expenses, purchase new equipment, and continue tax credits that small businesses can take advantage of. Congressman Bishop is introducing the companion version of the SUCCESS Act in the House of Representatives.
Last fall, Senator Gillibrand held women’s economic empowerment roundtables across the state, and heard firsthand from small business owners. Small businesses play a critical role in the national and local economy, with more than 10 million firms owned by women. Between 1997 and 2007, women-owned businesses added roughly 500,000 jobs, while other private firms lost jobs. However, women, on average, start their business with eight times less funding than men, making tax credits a critical part of their business plan.
“In these tough economic times, NAWBO LI remains committed to encouraging and supporting women owned businesses on Long Island,” said Linda Agnew, Immediate Past President NAWBO-LI (the Long Island Chapter of the National Association of Women Business Owners) and an attendee at the announcement. “It is NAWBO’s hope that the Success Act will provide the incentives necessary to spur the growth and development of women owned businesses. NAWBO-LI applauds the efforts of Senator Gillibrand on behalf of women owned businesses.”