This committee, chaired by Senator John Kerry, is focusing on three issues this year:
- Health Care Tax Credit Act
- AMT Reform
- Increase Minority Entrepreneurship Opportunities
This committee's decisions affect anyone that works for or owns a small business. | |
The following is from the Committee's web site at http://sbc.senate.gov/...
- Health Care Tax Credit Act
Kerry's Small Business Health Care Tax Credit Act of 2007 provides small firms with less than 50 employees a refundable tax credit to help with the cost of health insurance for employees earning $5,000 -- $50,000 a year. In order to receive the credit, the employer must pay at least 50 percent of the health care insurance premium.
- AMT Reform
The bill expands and extends the individual AMT exemption amount for 2007 and allows nonrefundable credits against the AMT for 2007. It is revenue neutral and is offset by repealing the lower rates on capital gains and dividends for 2009 and 2010.
- Increase Minority Entrepreneurship Opportunities
Specifically, the legislation establishes an Office of Minority Small Business Development at the Small Business Administration to give minority entrepreneurs an advocate in the agency.
The legislation creates the Minority Entrepreneurship and Innovation Pilot Program to foster a passion for entrepreneurship in high-achieving young people at Historically Black Colleges and Universities (HBCU), Hispanic Serving Institutions and Tribal Colleges. In addition to inspiring a desire to own a small business, this program also gives students the skills and knowledge necessary to succeed in the business world.
Senator Kerry's bill also creates the Minority Access to Information Distance Learning Pilot Program which enables distance learning programs for small business owners, and reauthorizes the Socially and Economically Disadvantaged Business Program, which increases small businesses' ability to compete with larger firms by providing a Price Evaluation Adjustment.
Tax Credit
This bill is aimed at small companies of less than $5M/yr and less than 50 employees, and provides a refundable tax credit, paying for up to 50% of the health care they provide to people that don't currently have insurance.
I see no cost estimates or how many people would possibly use this.
For some reason this is referred to the Finance Committee:
- S.99 : A bill to amend the Internal Revenue Code of 1986 to provide a refundable credit for small business employee health insurance expenses.
Sponsor: Sen Kerry, John F. [MA] (introduced 1/4/2007) Cosponsors (None)
Committees: Senate Finance
Latest Major Action: 1/4/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Minority Entrepreneurship
This bill has not been sent in yet, but from what I read elsewhere this offers about $1-$2M per year in setting up methods to get loans from banks and to monitor existing programs for bias.
Previous Year
Last year the following bills were introduced:
- S.4097 Small Business Disaster Response and Loan Improvements Act of 2006
- S.3953 Minority Entrepreneurship Development Act of 2006
- S.3919 Small Business Sarbanes-Oxley Compliance Assistance Act of 2006
- S.3778 Small Business Reauthorization and Improvements Act of 2006
- S.3691 The Veterans Corporation Reauthorization Act of 2006
- S.3680 Securing Equity for the Economic Development of Low-Income Areas (SEED) Act
- S.3664 Small Business Disaster Recovery Assistance Improvements Act of 2006
- S.3663 Small Business International Trade Enhancements Act of 2006
- S.3659 Women's Small Business Ownership Programs Act of 2006
- S.3487 Small Business Disaster Loan Reauthorization and Improvements Act of 2006
- S.2646 Child Care Lending Pilot Act of 2006
Although some funding seems to have been extended, when checking the above bills they all appear to be "stuck in committee". The previous chairwomen was Senator Olympia Snowe.
You can read Senator Kerry's introductions of the bills in the Senate.
I've also written to the committee to see about what other information may be available and will let you know if anything changes.