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Hall Introduces Small Business Tax Cut Plan
Congressman John Hall was in Peekskill today where he introduced his new bill, "The Helping Small Businesses Start and Grow Act." Speaking at the Bean Runner Cafe, Hall discussed his plan designed to spur small business growth.
Hall's plan would increase the business start-up deduction from $5,000 to $50,000, create a standard home business deduction of $2500 , and increase the meal and entertainment deduction for small businesses to 80% of costs.
In addition, his legislation would enable the Small Business Administration (SBA) to originate loans, rather than have loans brokered through various banks. Hall says the latter would be of particular benefit to small business owners in Westchester and the Hudson Valley because banks "Have shown themselves over the past two years, to be unwilling to do these kinds of loans despite having received federal bailout money." Hall says he's hopeful that at least 30 billion of leftover TARP money set aside as stimulus money, be allocated for use by the SBA to generate such loans for small businesses across the United States.
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