March 29, 2013 in Finance and Accounting, Starting a Business
The New Market Jobs Act of 2013?was unanimously approved?and recommended to pass by?the House Economic Development Committee of Arkansas on March 20.?
The bill is aimed at promoting small business funding by giving investors an incentive to place money in main-street companies. The bill would allow the state to provide tax credits to investors that aid small firms with monetary contributions.
These credits may be allocated to partners or members of that company as well as transferred to other businesses. Also, the tax credits can be sold to insurance companies as long as the funds raised are used to invest in small business.
Additionally, the bill would provide tax cuts to any business that agrees to create jobs that pay 115 percent of the federal poverty level for a family of four.?
Adding that burden to the payroll for small business owners would hopefully be offset by the tax cut.?
The bipartisan bill was filed on March 7. It is sponsored by State Rep. Darrin Williams of Little Rock and State Sen. Jonathan Dismang of Searcy, both democrats. However, many of the state?s 68 co-sponsors are Republicans.
If passed, the small business legal change would be welcome news for main street business owners in the state.
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Source: http://buildmybiz.com/arkansas-small-business-finance-bill-gets-house-backing/
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