President Obama signed a $1 trillion dollar Continuing Resolution (CR) for Fiscal Year 2015 that will continue to fund the federal government at current spending levels, effectively avoiding a federal government shutdown through December 11, 2014. Two notable small business provisions related to the Export-Import Bank (Ex-Im Bank) and the Internet Tax Freedom Act (ITFA) were also passed.
The Internet Tax Freedom Act (ITFA) was extended through December 11, 2014. This extension prevents state and local taxes on Internet access; had lawmakers not acted before November 1, 2014, consumers could expect increased costs in accessing and using the Internet. ITFA provides small businesses with access to broadband Internet access, government services, job training, education, and employment opportunities without excess taxation.
In addition, the Export-Import Bank was reauthorized through June 30, 2015. Ex-Im Bank works with brokers and lenders to provide loans, loan guarantees, and insurance policies that increase export opportunities for U.S. small businesses and allow the small business community to be competitive in the international market. As stated in a previous blog, “Congress is Back Briefly,” the Ex-Im Bank has financed more small business exports than ever before within the last five years, generated $2 billion for U.S. taxpayers, and supported 1.2 million American jobs - all at no cost to the U.S. taxpayer. View the listing of small businesses in your area that utilize the Ex-Im Bank.
COSE partners closely with the National Small Business Association (NSBA), and NSBA supports long-term reauthorization of the Export-Import Bank. COSE and NSBA encourage small business employers to contact your member of Congress regarding the importance of the Bank’s work.