Entrepreneur Startup Growth Act (HR 3571)

Entrepreneur Startup Growth Act (HR 3571)

Today, 1 out of every 3 new jobs is created by self-employed startup businesses. Self-employed startups in their first year of existence create an average of 3 million jobs per year. In fact, without business startups, there would be no net job growth in the U.S. economy. Nearly all net job creation since 1980 has occurred in self-employed startups less than five years old.   

But recent news suggests that compared to other wealthy countries, the U.S. ranks 23rd in new businesses formed per thousand working adults. We must do more to help them. Entrepreneurs take risks to make it on their own, but they could do better if we help them be competitive. That is why I introduced The Entrepreneur Startup Growth Act.

One of the most intimidating times of the year for new owners is tax season as they learn and navigate the different tax standards for business.  My bill turns this tough time into an opportunity by offering not only affordable business tax assistance, but business development services so that these companies can get the advice they need to grow.

This bill builds on the Self-Employment Tax Initiative launched by CFED, the Corporation for Enterprise Development, a nonprofit economic opportunity organization. The Entrepreneur Startup Growth Act allows community-based organizations, local governments and higher education institutions are eligible to apply for grants up to $75,000 to operate this program. The IRS (Internal Revenue Service) will work with the Small Business Administration (SBA) to ensure that the operators of the program have expertise in both tax assistance and business development assistance.

The Entrepreneur Start-Up Growth Act will help businesses grow, and help low-income households build the assets that they need to survive; they will get the economic security they desire.  With this, we will be able to help people climb up that ladder of opportunity and reach for that American Dream.