Job Creation Bill Disappoints Industry

President Barack Obama last week signed into law a bill designed to help small businesses create new jobs, but a chemical industry trade group says the measure falls short in providing effective long-term support. The legislation (H.R. 5297) creates a $30 billion lending fund that aims to make it easier for small businesses to secure bank loans and credit. It also includes $12 billion in tax breaks for small companies. Lawrence D. Sloan, president of the Society of Chemical Manufacturers & Affiliate, says the measure includes several favorable provisions, including the revival of an expired tax incentive that allows companies to write off half of the cost of new equipment placed in service in 2010 and greater opportunity to access credit and government loans. However, Sloan says that Congress still needs to address the high cost of federal regulations. “It’s difficult to see how this legislation is called a jobs bill when it ignores a significant per-employee cost hurting small businesses, which is the disproportionate regulatory burden they face every year,” he remarks.