Nyack, Aug 30 — Two women from Washington are coming to Nyack to talk small business. US Senator Kirsten Gillibrand (D-New York) and Congresswoman Nita Lowey (D-Westchester/Rockland) will be at the Maria Luisa Boutique on S. Broadway to promote the Success Act, legislation that would encourage investments in small business stock, double the deduction for start-up expenses and continue tax breaks for spending on new equipment.
Gillibrand has been working with a bipartisan group of women Senators to extend targeted small business tax benefits, which expired at the start of 2012, through at least 2013.
Senator Gillibrand and Congresswoman Lowey will meet the press and the public on Thursday, August 30, 2012 at 12:15p in front of the Maria Luisa Boutique, 77 South Broadway in Nyack, NY.
New York’s junior Senator held women’s economic empowerment roundtables across New York state last Fall, where more than 30 percent of all small businesses are owned by women. Nationally more than 10 million companies are owned by women — a business segment that added about 500,000 jobs between 1997 and 2007. According to Gillbrand, women, start their business with eight times less funding than men, making tax credits a critical part of their business plan.
‘€œSmall businesses owned by women are growing quickly in number, and their success and expansion are critical to our economic recovery,’€ said Lowey . ‘€œLike all entrepreneurs, women who own small businesses need access to affordable capital and long-term tax policies that encourage growth and hiring, and reduce economic uncertainty.’€
“I am proud to be a woman who has found success in her chosen field, celebrating 25 years in business in Nyack this Autumn,” said Maria Whittingham, owner of Maria Luisa Boutique. “I applaud the Senator and the Congresswoman on these efforts to extend the tax breaks for small businesses and women in particular.” Whittingham says small businesses need an extra boost while the economy recovers. “It not only helps us and our employees but also helps keep our downtowns growing and hopefully, thriving once again.”
‘€œSmall businesses are the backbone of our economy and the most powerful job creators we have,’€ said Gillibrand. ‘€œI know women are ready to lead us to a thriving and stable economy, with new good-paying jobs that can support a family. When we provide the tools that small business leaders need, we can help this economic engine take off.’€
Small Business Tax Breaks Under the SUCCESS Act
- Tax Relief for Small Business Capital Gains
- Doubles Existing Deductions for Start-up Costs for New Small Businesses
- Extends Section 179 Expensing letting small businesses write-off up to $500,000 in tangible property
- General Business Credit Carryback