WASHINGTON – This week, Chairman Steve Chabot (R-OH) sent a letter to the Honorable Gene Dodaro, Comptroller General of the United States at the United States Government Accountability Office (GAO), requesting that GAO study ways in which small businesses and entrepreneurs understand the resources available to help them obtain intellectual property protections.
“Intellectual property plays an important role in protecting the new and innovative ideas that drive our nation’s economy. This is no less true for our nation’s small businesses and entrepreneurs that are responsible for creating almost two-thirds of the new jobs over the last two decades. While there are federal resources available to help entrepreneurs and small businesses obtain intellectual property protections, such as the U.S. Patent and Trademark Office’s Patent Pro Se Assistance program, it is unclear to what extent small businesses are aware of and take advantage of these resources,” said Chairman Chabot.
In May 2018, the Committee held a hearing to examine how small business owners can capitalize and safeguard their work through intellectual property protections. Additionally, in July 2018, the Committee held a hearing to analyze how small business owners in the digital technology industry use intellectual property to help their business, and the issues they face when navigating the intellectual property process.To read the entire letter, click here.
WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the highly anticipated U.S. Department of Treasury and Internal Revenue Service guidance on the Tax Cuts and Jobs Act’s new 20 percent small business deduction was released:
“This is great news for small businesses and the millions of Americans they employ. Main Street businesses now have the clarity needed to work towards the 20 percent deduction, which will allow businesses to continue to invest in their companies, hire workers, and grow the economy. The Tax Cuts and Jobs Act has been instrumental for small businesses, entrepreneurs, and startups, and I look forward to seeing the new law create even more gains. This guidance is a pivotal next step.”
Background: Last month, the House Committee on Small Business held a hearing to gain further insight on the effects the Tax Cuts and Jobs Act has had on small businesses. From reinvestments in their companies to providing raises, the small business witnesses that testified made it clear that the Tax Cuts and Jobs Act was providing positive results.
As a resource, the Committee tracks all regulatory proposals through its Regulatory Watch page that have been published in the Federal Register and those that are open for public comment. Small businesses and interested parties are invited to visit Reg Watch to comment on the new 20 percent small business deduction guidance.Read More
WASHINGTON – This week, Wells Fargo/Gallup released a survey touting the record-high optimism U.S. small business owners’ are experiencing, the highest in 15 years.
According to the report:
“It’s clear that small businesses are thriving and small business owners are experiencing more economic confidence as a result of our booming economy. The Tax Cuts and Jobs Act is putting small businesses in the driver’s seat, and I’m proud of the bright future ahead for many,” said House Committee on Small Business Chairman Steve Chabot (R-OH).
For the Wells Fargo/Gallup survey, click here.
WASHINGTON – Today, Chairman Steve Chabot (R-OH) sent a letter to Ways and Means Committee Chairman Kevin Brady (R-TX) encouraging the Committee to consider H.R. 3717, the Small Business Owners’ Tax Simplification Act, as they craft Tax Reform 2.0. H.R. 3717 was introduced by Chairman Chabot and would update the United States tax code for entrepreneurs and innovators.
“With the gig and sharing economy growing in importance, tax filing thresholds for independent contractors and worker classification decisions will become even more instrumental. H.R. 3717 addresses these issues, and others, to ensure that our nation’s innovators are not constrained by an outdated code,” said Chabot.
In October 2017, the Committee held a hearing to examine how the proposed changes in H.R. 3717 could impact small businesses.
To read the entire letter, click here.Read More
The Committee on Small Business will meet for a hearing titled, “The Tax Law's Impact on Main Street.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, July 25, 2018 in Room 2360 of the Rayburn House Office Building.
The hearing will examine how the Tax Cuts and Jobs Act has affected small businesses. Members of the Committee will hear directly from small business owners regarding the impact the law has had on their operations and their outlook moving forward.Attachments
WASHINGTON – Today, the House Committee on Small Business held a hearing to find out how the Tax Cuts and Jobs Act has affected small businesses. The Tax Cuts and Jobs Act was signed into law on December 22, 2017.
“After more than thirty years of thinking and talking about tax reform, this Congress produced and passed the Tax Cuts and Jobs Act,” said Chairman Steve Chabot (R-OH). “Beyond macroeconomic data trends, this tax law will be judged on its direct impact on the ground…This is what we are here to discuss today: The reactions, the impact, and the effects of the Tax Cuts and Jobs Act on small business owners across this nation.”
What Small Business Owners Said About the Tax Law
“As a direct result of tax reform we have upgraded and replaced 12 doors in the frozen foods section of our store during the past few months. This may not sound like big project to some people but that investment cost over $65,000 and most importantly provided work for our local refrigeration company,” said Mr. Wettlin Treppendahl, Owner of Treppendahl’s Super Foods in Woodville, MS.
“The tax reduction is huge and the extra in the company’s pocket is a big amount of money a small company can do a lot with. Until last year, many companies, including us, didn’t want to spend their money, but now, because of this big tax cut, any entrepreneur can see the opportunity to invest in its company with the goal to make more money for the company and its employees,” said Mr. Tibi Czentye, Chief Executive Officer of All Pro Solutions in Rock Hill, SC.
“The recent tax reduction in and of itself will have a positive impact on our employees and our business in 2018 and beyond. But when augmented by reduction in regulation and, most importantly, the hugely positive outlook by business leaders and consumers which started the day after the 2016 election, the resulting booming economy takes that positive impact of the tax bill and increases it exponentially,” said Mr. Gary Ellerhorst, President and CEO of Crown Plastics Co. in Harrison, OH.Read More
The Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access and the Subcommittee on Agriculture, Energy, and Trade will meet for a joint hearing titled, “Investing in Rural America.” The hearing is scheduled to begin at 10:00 A.M. on Tuesday, July 24, 2018 in Room 2360 of the Rayburn House Office Building.
Access to capital is one of the key ingredients for small business success. Early stage funding such as venture capital can help small businesses expand and hire more individuals in their community. However, venture capital is predominately awarded to businesses in larger cities on the coasts. Various groups, including public-private partnerships, trade associations, and university based organizations, have emerged to help identify opportunities for private investors that support growing rural small businesses across the United States. This hearing will examine venture capital’s role in helping small business to access capital, and provide success stories of organizations that provide resources to small businesses in rural America.Attachments
WASHINGTON – This week, the House Committee on Small Business Subcommittees on Economic Growth, Tax, and Capital Access and Agriculture, Energy, and Trade held a joint hearing to examine venture capital’s role in helping small businesses access capital and highlight success stories of organizations that provide resources to small businesses in rural America.
“Access to capital continues to remain a top concern for American small businesses—nowhere more than rural America, which has been slower to recover from the recession. Although venture capital has become a popular financing mechanism for small businesses trying to expand, data shows that more than 75 percent of venture capital goes to just three cities in the U.S.,” said Economic Growth, Tax, and Capital Access Subcommittee Chairman Dave Brat (R-VA).
“Small businesses and entrepreneurs must be able to access capital so that they can continue to operate and expand their businesses and also attract talent, dollars, and jobs to their communities… Investing in and growing rural America is vital not just to the citizens who live there, but also to the future of our country,” said Agriculture, Energy, and Trade Subcommittee Chairman Rod Blum (R-IA).
Witness Testimony: A Need to Expand Venture Capital to Rural Areas
“Investment in venture-backed companies in the United States reached $57 billion in almost 4,000 deals in the first half of 2018. And yet, only a fraction of these dollars found their way to funds and companies based in rural America. The capital deficit is starving innovative and valuable growth opportunities,” said Mr. Matthew M. McKenna, Executive in Residence, Rural Opportunity Initiative of McDonough School of Business at Georgetown University in Washington, D.C.
“America’s heartland lacks the critical access to capital enjoyed in Silicon Valley, New York and Boston. Three-quarters of venture capital is being invested in just three states. Our home state of Ohio received less than 1%. Talent is equally distributed but, if capital continues to be concentrated in the hands of a few based on geography, we risk letting this momentum fade away,” said Ms. Falon Donohue, Chief Executive Officer of VentureOhio in Columbus, OH.
“The landscape of agriculture and rural America is diverse and complex. Historically, some small and/or emerging farmer-owned cooperatives have been overlooked when it comes to financing and other technical assistance. To truly fulfill our mission and strengthen our rural communities, we also recognized a need to serve these customers whenever possible,” said Ms. Amy H. Gales, Executive Vice President, Regional Agribusiness Banking Group of CoBank in Greenwood Village, CO.
“If we are able to expand access to capital to any entrepreneur who faces barriers, more Americans will be able to contribute to the economic vitality of our country,” said Mr. Ross Baird, President of Village Capital and Innovator-in-Residence at Ewing Marion Kauffman Foundation in Alexandria, VA.Read More
The Committee on Small Business will hold a markup of legislation to amend the Small Business Act and the Small Business Investment Act. The markup will be held at 11:00 A.M. on Wednesday, July 18, 2018, in Room 2360 of the Rayburn House Office Building. The items that will be marked up include:
WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot spoke on the House floor in support of the Jobs and Investors Confidence Act, which included legislation he introduced, the Helping Angels Lead Our Startups Act. The HALOS Act, which improves how investors and small businesses connect, passed the House in January of 2017.
To watch the full video click below.
WASHINGTON – Today, the House Committee on Small Business held a markup of legislation to amend the Small Business Act and the Small Business Investment Act. All eight bills passed through Committee on bipartisan votes.
“Once again the Small Business Committee has shown we can work together in a bipartisan manner to create real, common-sense legislation to help our nation’s small businesses. I’m proud of all the work our Committee members have put into these bills, especially listening to the needs of our small businesses and acting on those needs,” said Chairman Steve Chabot (R-OH).
H.R. 6348, “Small Business Access to Capital and Efficiency Act” – introduced by Rep. Curtis (R-UT) and Rep. Dwight Evans (D-PA)
H.R. 6348 reduces burdens and conflicting regulations for small businesses by updating the Small Business Administration’s 504/Certified Development Company Loan Program’s commercial real estate appraisal threshold.
H.R. 6347, “7(a) Real Estate Harmonization Act” – introduced by Rep. Dwight Evans (D-PA) and Rep. John Curtis (R-UT)
H.R. 6347 updates SBA’s 7(a) Loan Program’s commercial real estate appraisal threshold.
H.R. 6330, “Small Business Runway Extension Act of 2018” – introduced by Rep. Steve Knight (R-CA) and Rep. Yvette Clarke (D-NY)
H.R. 6330 modifies SBA’s size calculation to provide small businesses with more time to be considered “small” for the purposes of SBA’s small business programs.
H.R. 6369, “Expanding Contracting Opportunities for Small Businesses Act of 2018” – introduced by Rep. Roger Marshall (R-KS) and Rep. Brad Schneider (D-IL)
H.R. 6369 increases the size of sole source contract awards for women owned service-disabled veteran-owned, and HUBZone small businesses, and implements a new eligibility determination process to ensure sole source awards are made to eligible firms.
H.R. 6367, “Incentivizing Fairness in Subcontracting Act of 2018” – introduced by Rep. Al Lawson (D-FL) and Rep. Trent Kelly (R-MS)
H.R. 6367 provides incentives for large prime contractors to subcontract to small businesses, requires prime contractors to keep records of subcontracting credit claimed at lower tiers, and creates a new dispute process for small subcontractors to bring nonpayment issues to the agency’s small business advocate.
H.R. 6382, “Clarity on Small Business Participation in Category Management Act of 2018” – introduced by Rep. Alma Adams (D- NC) and Chairman Steve Chabot (R-OH)
H.R. 6382 requires the SBA to report federal spending made through designated “best-in-class” vehicles, and to report on the dollars spent through these vehicles awarded to small businesses.
H.R. 6316, “Small Business Advocacy Improvements Act of 2018” – Introduced by Rep. James Comer (R-KY) and Rep. Alma Adams (D-NC)
H.R. 6316 allows the SBA Office of Advocacy to examine the role of small business in international economies and to represent small business views before foreign governments and international entities.
H.R. 6368, “Encouraging Small Business Innovators Act” – introduced by Rep. Adriano Espaillat (D-NY) and Rep. Ralph Norman (R-SC)
H.R. 6368 makes a series of changes to the Small Business Innovation Research and Small Business Technology Transfer programs, making them easier for small firms to use.
To watch the full committee markup click here.
The Committee on Small Business Subcommittee on Investigations, Oversight, and Regulations and the Committee on Veterans’ Affairs Subcommittee on Oversight and Investigations will meet for a hearing titled, “Achieving Government-Wide Verification of Service-Disabled Veteran-Owned Small Businesses.” The hearing is scheduled to begin at 2:00 P.M. on Tuesday, July 17, 2018 in Room 2360 of the Rayburn House Office Building.
This hearing will examine the progress of the Department of Veterans Affairs (VA) and the Small Business Administration (SBA) in harmonizing definitions related to service-disabled veteran-owned small businesses (SDVOSBs). The hearing will also examine SBA’s readiness to assume the remaining verification functions from the VA’s Center for Verification and Evaluation and the benefits of extending verification of SDVOSBs government-wide.Attachments
“I thank Amazon and the businesses for their insight into how e-commerce has given these small businesses a platform to not only sell their goods, but sell their products around the world. It wasn’t surprising to me that small businesses make up more than half of Amazon’s sales. This is reflective in our economy as well as small firms continue to be the engine behind job creation. From a party decorations business to a bottled water company, small sellers across the country are propelling our nation forward,” said Chairman Chabot.
“Amazon first invited small businesses to sell on Amazon nearly two decades ago, and today, small businesses are a vital part of Amazon’s continued growth and commitment to customers,” said Brian Huseman, Vice President of Public Policy at Amazon. “This is an important roundtable discussion on Prime Day, one of the biggest sales days of the year for the millions of small business owners who sell on Amazon, because many people do not realize that more than half of everything sold on Amazon comes from a small- and medium-sized business. These businesses come from all 50 states and around the globe, offering Amazon customers the opportunity to shop local and support a small business, even when they shop online.”Read More
The Committee on Small Business will meet for a hearing titled, “Innovation Nation: How Small Businesses in the Digital Technology Industry Use Intellectual Property.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, July 11, 2018 in Room 2360 of the Rayburn House Office Building.
Digital technology allows small businesses to sell their products and services all over the world. Not only does digital technology benefit small businesses by lowering their operating costs, developing market automation, and improving customer relationships, but small businesses can expand by entering the digital technology industry themselves. More than just taking advantage of digital tools to improve a pre-existing small business, small businesses are becoming the digital tools, and small businesses in the digital technology industry continue to emerge. While each company is unique, these small businesses have developed first and foremost because of their utilization of technology. As a result of their unique innovations, small businesses create intellectual property, but in turn face challenges in protecting their ideas. This hearing will examine how small business owners in the digital technology industry utilize intellectual property and the issues they face when navigating the intellectual property processes.Attachments
The Committee on Small Business will meet for a hearing titled, “ZTE: A Threat to America’s Small Businesses.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, June 27, 2018 in Room 2360 of the Rayburn House Office Building.
This hearing will examine the imminent threat posed to America’s small businesses by the Chinese telecommunications firm ZTE. The hearing will provide committee Members the opportunity to hear from national security experts and cybersecurity firms on steps the administration can take to protect small businesses and American citizens from the dangers presented by ZTE. The hearing will also investigate ongoing efforts being by both the public and private sectors to reduce the challenges small businesses face in dealing with illicit Chinese backed enterprises.Attachments
The Committee on Small Business Subcommittee on Agriculture, Energy, and Trade will meet for a hearing titled, “Accelerating Agriculture: How Federal Regulations Impact America’s Small Farmers.” The hearing is scheduled to begin at 10:30 A.M. on Thursday, June 21, 2018 in Room 2360 of the Rayburn House Office Building.
Complying with federal regulations continues to be one of the biggest challenges for America’s small businesses, including small farmers. Many federal agencies have the authority to issue regulations that impact the agriculture industry. As a result, small farmers often struggle to
comply with expensive, confusing, and time-consuming regulations, which impacts their ability to grow. This hearing will examine how federal regulations affect small farmers and explore ways to provide regulatory relief to the industry.
The Committee on Small Business will meet for a hearing titled, “Communities That Think Small and Win Big.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, June 20, 2018 in Room 2360 of the Rayburn House Office Building.
This hearing will highlight communities that have developed thriving small business ecosystems. Local officials will analyze key elements of a business-friendly environment and review socioeconomic returns on small business investment within their communities and surrounding regions. Members will have the opportunity to discuss innovative economic development policy strategies and determine best practices.Attachments
The Committee on Small Business will meet for a field hearing titled, “The Perspective of Rural Small Businesses in North Mississippi.” The hearing is scheduled to begin at 2:00 P.M. (CT) on Monday, June 18, 2018 at the ServPro Training Center, 1160 Stateline Road East, Southaven, MS.
Rural America is still recovering from the last recession in 2008. Many rural small businesses have not been able to survive because of overregulation, lack of access to capital, and a drop in net farm income. With the United States economy now flourishing, rural small businesses are finally starting to see the effects and get back on their feet. Through H.R. 1, the Tax Cuts and Jobs Act, and the rollback of numerous regulations by many government agencies, the federal government is working to help rural small businesses survive. This hearing aims to highlight how rural small businesses are faring in today’s economy and the outlook going forward.Attachments
The Committee on Small Business will meet for a field hearing titled, “Exploring the State of Western Kentucky’s Small Businesses.” The hearing is scheduled to begin at 10:00 A.M. (CT) on Monday, June 18, 2018 at the Paducah Area Chamber of Commerce, Paducah Bank Room, 300 South 3rd Street, Paducah, KY.
The purpose of the hearing is for Western Kentucky small business leaders to share their experiences and to provide the Committee with recommendations about federal policies that will help them to grow their businesses and create jobs.Attachments
2361 Rayburn HOB
Washington, DC 20515