Before heading to recess, on August 2, 2017, the Senate Small Business Committee (SSBC) approved six bipartisan bills unanimously. Now it passes out of the SSBC.
- Support Small Business R&D – S. 650
- Until recently federal R&D tax credit could only be used to offset a company’s income tax liability
- Many start-ups are not yet profitable and have no tax liability, so it was expanded in 2015 to allow small businesses to instead claim the credit against the alternative minimum tax or employment taxes
- The R&D credit was passed but many were unaware of its existence. This bill requires the SBA to create a program with the IRS to educate and train owners of small businesses and innovative start-ups about the availability of the tax credit.
- Cyber Training Act of 2017– S. 1428
- Requires SBA to develop new cybersecurity counseling and training programs through the national network of Small Business Development Centers to help small businesses with cyber risks
- HUBZone-Invest in Rural Small Business Act—S. 929
- HUBZone aspirational goal-3 %, 2016 only achieved 1.7%
- Governors may petition the SBA, when certain criteria is met, to make a HUBZone
- Requires SBA to approve or deny a HUBZone application within 60 days and lowers the threshold of employees who must live in a HUBZone from 35 to 33 percent
- Relief from Disease Induced Economic Hardship—S. 154
- South Florida and Zika virus
- Expands the definition of disaster for which the SBA may provide disaster assistance loans
- HUBZone Investment Protection Act
- Bill would increase the time that a HUBZone could temporarily keep its status (from three to seven years) when the area no longer meets the program’s criteria (i.e., census data)
- Utilization of Small Businesses for Federal Contracts-S. 1038
- Women Owned Small Business (WOSB) winning contracts is 21% lower than their male counterparts
- WOSB are also less likely to win contracts in industries that receive the majority of federal contract dollars
- The bill directs the SBA to conduct a comprehensive study participation in multiple award contracts and examine the participation of all other socioeconomic categories of small businesses
For more information to the press release and the full bills, please click here: SSBC Six Bills Approved