NJBIA's Public Policy Forum: The Road to Recovery REGISTER

Photo of exterior of the U.S. Capitol buildingThe Republican-led House returned Nov. 13 for its last legislative action for at least the next two years.  Come January, the House will be led by Democrats, who won over 32 seats in the mid-term election.

Before the Republicans go, however, this Congress has plenty of unfinished business, some of which could be important to small businesses.

Karen Kerrigan at the Small Business & Entrepreneurship Council has three initiatives she would like to see get finished before the power shift changes—JOBS Act 3.0, the health insurance tax, and government regulations.

“The current, positive environment can be sustained with policies that generate certainty for small businesses,” Kerrigan writes. “Entrepreneurs currently have a very favorable outlook for their firms and the economy. With a little more help from Congress during the lame duck session, 2019 can be another strong year for our small businesses.”

JOBS 3.0, officially called the ‘‘JOBS and Investor Confidence Act of 2018,’’ would increase access to capital for small businesses by making it easier for them to get loans, make public offerings, and attract investors.

The Small Business Regulatory and Flexibility Improvements Act would build on regulatory reforms already enacted by increasing transparency and providing small businesses with better opportunities to engage in the process.

Finally, the health insurance tax, should be repealed, Kerrigan argues. It’s not scheduled to go into effect until 2020, but if it does, it will impose a new tax on insurance companies that will get passed on to businesses in the form of higher health insurance premiums.

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