May 26, 2010
Washington D.C. - Nevada Senator Harry Reid today released the following statement in recognition of the important role Nevada’s small businesses play in our economy:
“Small business is the engine of economic growth, and more than 45,000 small businesses currently operate in Nevada. A full recovery depends on these private sector firms, which account for 60 to 80 percent of the new jobs in the country. We must continue to create favorable conditions that will allow these businesses to grow and hire more workers.
"I recognize that small business owners face many challenges. In recognition of the obstacles they face, I’ve led legislation through the Senate that is helping them succeed. The American Recovery and Reinvestment Act is allowing employers to keep Nevadans on the job through greater access to Small Business Administration funding and is helping Nevada establish a clean energy industry. The HIRE Act that the President signed into law this year lets small businesses write off the costs of major purchases and use the tax savings to grow.
"Furthermore, health care reform created tax credits to help employers cover a portion of their workers’ health insurance. Small businesses in Nevada and around the country pay an average of 18 percent more for premiums than large businesses for the same coverage, but going forward they will save $40 billion through 2019 because of the tax credits. Additionally, health care reform encourages entrepreneurial Nevadans to start a new business of their own without worrying about losing affordable health care coverage.
"I will continue to stand up for Nevada’s small businesses to ensure that they can succeed—our economy depends on them.”
RenoBruce R. Thompson
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Reno, NV 89501
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