Jack Conway’s campaign for United States Senate is announcing the start of a weeklong series spotlighting Conway’s forward-thinking policy proposals as he makes his closing argument to voters in advance of Primary Election Day next Tuesday, May 18th.
The first features today are Conway’s specific ideas for immediate job creation – the Hometown Tax Credit and Small Business Loan Fund. Together these two programs would create at least 15,000 Kentucky jobs within 18 months, and the cost would not add to the deficit because Conway would completely pay for the programs by closing corporate tax loopholes and shutting down offshore tax shelters that currently help some companies ship jobs overseas.
"My Hometown Tax Credit will create Kentucky jobs right away by cutting taxes for employers who want to hire new workers and expand payroll. Furthermore, we put the emphasis back on creating jobs here in America – and in Kentucky home towns all across the Commonwealth – because we pay for the whole program by shutting down the offshore tax shelters that help corporations ship jobs overseas," said Conway.
Conway’s Hometown Tax Credit would provide an immediate 20% tax credit to businesses that hire new workers or expand payroll. The Hometown Tax Credit was developed based on methodology from Moody’s Economy.com and is estimated to create 731,000 jobs nationwide, including 11,000 jobs in Kentucky. The program would be funded with $30 billion on a first-come, first-served basis so that employers create new jobs as quickly as possible to claim the available credits. But it would not add to the deficit because Conway would completely pay for the program by shutting down offshore tax shelters that currently help some companies ship jobs overseas.
SMALL BUSINESS LOAN FUND
"The Small Business Loan Fund will get much needed capital to community banks in the Commonwealth so they can make loans to Kentucky small businesses that are the engines of job growth," said Conway.
Conway’s Small Business Loan Fund would directly channel $30 billion to small regional and local community banks with the express purpose of making loans to small- and medium-sized businesses, which account for 97% of Kentucky businesses. Small businesses are responsible for two-thirds of job creation in America, and this program is estimated to create at least 324,000 jobs nationwide, including 4,860 jobs in Kentucky. Banks with less than $10 billion in assets would be eligible for capital from the Small Business Loan Fund if they submit a proposal describing how they will expand lending to local businesses. The Loan Fund would not add to the deficit, because Conway would completely pay for the program by closing a loophole in the corporate tax code that currently allows U.S. companies to deduct foreign income and investment from their U.S. taxes.
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