Gardner, Peters Introduce Small Business Start-up Savings Account Act
Washington, D.C. – U.S. Senators Cory Gardner (R-CO) and Gary Peters (D-MI), members of the Senate Commerce, Science, and Transportation Committee, recently introduced bipartisan legislation that will help small businesses and grow the economy. The Small Business Start-up Savings Account Act, S. 3136, would allow individuals to create tax-deductible savings accounts to start or expand small businesses.
“Having grown up in a family-owned business, I’ve seen firsthand how difficult it can be to run a small business, make payroll, build capital, and comply with a complex regulatory system,” said Senator Gardner. “A frequent concern I hear from small business owners on my Main Street Walking Tours across the four corners of Colorado is how tough it is to start a new business. It is my hope that being able to set up a small business savings account will at least make it a little bit easier for entrepreneurs and small business owners to save money and build their company.”
“Small businesses across Michigan not only help power our economy through innovative entrepreneurship and critical job creation – they often serve as bedrocks for their communities,” said Senator Peters. “I am proud to partner with Senator Gardner on this bipartisan legislation that would allow small business owners who are starting up or expanding the opportunity to set up tax-deductible savings accounts. I urge the Senate to advance this commonsense bill that would help address a challenge many of our Michigan entrepreneurs and small businesses face.”
The bill has the endorsement of the National Federation of Independent Business (NFIB), the nation’s largest small business group.
“NFIB appreciates Senator Gardner and Senator Peters for thinking of small business and introducing the Small Business Start-Up Savings Account Act of 2019 (S. 3136),” said Kevin Kuhlman, Senior Director of Federal Government Relations at NFIB. “This legislation would create a new tax-deductible financing option for small businesses to help with cash flow, expenses, and investment; encouraging economic growth. NFIB looks forward to working with Senators Gardner and Peters to advance this legislation and provide permanent tax relief for our country’s job creators.”
"NFIB thanks Senator Cory Gardner for introducing the Small Business Startup Savings Accounts Act, which will help entrepreneurs and small business owners to plan for future business needs," said NFIB Colorado State Director Tony Gagliardi. "As someone who grew up working in his family’s small business, Senator Gardner knows first-hand the challenges entrepreneurs face in starting and running their own businesses. NFIB appreciates his keeping our nation's job creators - small business owners - as the focus of his legislation."
According to the Small Business Administration, small businesses generate more than 2/3 of the net new jobs created in the market and currently, and there are around 30 million small businesses in the United States. Most of those small businesses finance their business expansion or start up through personal and family savings (21.9% of small firms). The bill would provide another avenue to help with business start-up and expansion.
Cory Gardner is a member of the U.S. Senate serving Colorado. He sits on the Energy & Natural Resources Committee, the Foreign Relations Committee, the Commerce, Science, & Transportation Committee, and is the Chairman of the Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy.
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