Collins reintroduces bill to help startup businesses in HUBZones
U.S. Representatives Chris Collins (NY-27) and Eric Swalwell (CA-15) kicked off Small Business Week today by reintroducing the Main Street Revival Act of 2017. This legislation will expedite local small business development in underserved areas.
“For America to achieve a high rate of economic growth, government must do a better job creating an atmosphere for small businesses to thrive,” Congressman Collins said. “Small businesses are the engines that drive our economy, and here in Western New York we must do everything we can to ensure they have the tools to succeed. I am glad to partner with my colleague, Congressman Swalwell, as we work to generate tangible economic development and job growth in our communities.”
“Small businesses are at the heart of our communities and economy – we must do what we can to help them grow and succeed,” Congressman Swalwell said. “The Main Street Revival Act helps new small business owners build a strong foundation for future success. Encouraging entrepreneurship nationwide, especially in struggling areas, will help create an economy that can work for everyone, everywhere.”
The Main Street Revival Act allows qualifying small businesses to elect to defer paying payroll taxes during their first year in operation. The deferred taxes would then be paid in installments over the subsequent four years. The option is limited to businesses expecting to hire no more than 25 people in their first year, and that are located in Historically Underutilized Business Zones, known as HUBZones.
The areas in NY-27 that would be eligible for this benefit include: Tonawanda Reservation, along with portions of Batavia, Lockport, Medina, and York. The HUBZone map can be seen here.
Full text of the legislation can be read here.