Congresswoman Sewell Re-introduces Legislation to Create Small Business Start-Up Savings Account
Washington, D.C. - Today, Rep. Terri A. Sewell (D-AL) re-introduced The Small Business Start–Up Savings Account Act – H.R. 929. Just as previous versions, the current bill would allow entrepreneurs to contribute up to $10,000 per year into a tax free account, which could be used to purchase equipment or facilities, marketing, training, and accounting. Contributions to the account could accumulate up to $150,000 and be taken out tax-free.
“Since coming to Congress, I have sought meaningful ways to help small businesses grow and thrive. Small businesses are the strongest economic engine in this country and the backbone of our economy. It is critically important that as our economy continues to recover, we encourage and promote entrepreneurship and the creation of jobs for millions of Americans. Unfortunately, starting a small business is often met with challenges that may seem insurmountable, especially when accessing the necessary capital to begin,” said Rep. Sewell.
“The legislation I re-introduced today expands much needed lending to millions of small businesses and offers tax incentives to help small businesses grow, hire, and fuel our economy. Once an individual decides to open a small business, funds in the account can be used for qualified expenses such as equipment, facilities, marketing, legal fees, and other capital and operating expenses.
“These are the kinds of common sense, bi-partisan solutions that are needed to get our economy working again for families across our state and country.”