WASHINGTON, D.C. — U.S. Sen. Johnny Isakson, R-Ga., criticized the Senate’s rejection of an amendment he co-sponsored that would have created and expanded a number of tax incentives designed to help small businesses create jobs.
The amendment was defeated by a vote of 38-61.
“Having run my own small business for over 30 years, I recognize the tremendous impact that federal policy can have on American business owners,” Isakson said. “It is important we enact policies that strengthen and stabilize our economy. I’m disappointed the Senate rejected this commonsense approach to helping the people and small businesses that make up the heart of the American economy.”
The amendment, which was offered by Sen. John Thune, R-S.D., would have redirected unused stimulus funds to pay for several small business tax incentives, including a provision that would have allowed small businesses to pay off large expenditures for manufacturing equipment and other physical capital more easily.
The amendment also would have eliminated capital gains taxes on small business investments and provided a 20 percent deduction for small business income.
Isakson is a member of the Senate Committee on Small Business and Entrepreneurship, and he spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County office of a small, family-owned real estate business, Northside Realty.