Graves Announces Committee Schedule for Week of April 8
Week Ahead for the Committee: April 8-12
Committee to Hold Hearings on Small Business Tax Reform and Crowd Funding
WASHINGTON, DC – The Committee on Small Business, chaired by Rep. Sam Graves (R-MO), today announced the schedule for the week of April 8, 2013:
On Wednesday, April 10, 2013, at 1:00 p.m., the Committee will hold a hearing titled, Small Business Tax Reform: Growth Through Simplicity. Ways and Means Chairman Dave Camp (R-MI) will testify about his small business tax reform discussion draft. A second panel of small business owners will give feedback on the draft. The hearing will take place in Room 2360 of the Rayburn House Office Building.
Small businesses are disproportionately affected by tax complexity. The growing number of code provisions means that small business owners must spend more precious resources complying rather than growing and creating jobs. This hearing represents an opportunity to learn more about Chairman Camp’s efforts to simplify and reform the tax code and how small firms can benefit.
“Over time, our tax code has become more complex and truly temporary, with tax relief being extended for one year, for months at a time or even retroactively,” said Chairman Graves. “Small businesses pay a tax compliance cost that is nearly three times larger than big business. According to the U.S. Chamber of Commerce Small Business survey released this week, eight out of ten small businesses support reforming the tax code. Creating a tax code that is easier to navigate and promotes growth will benefit small businesses and the U.S. economy as a whole. We look forward to discussing tax reform that benefits small businesses with Chairman Dave Camp and entrepreneurs.”
On Thursday April 11, 2013, at 10:00 a.m., the Small Business Subcommittee on Investigations, Oversight and Regulation, under the chairmanship of Rep. David Schweikert (R-AZ), will hold a hearing titled, ‘JOBS’ Act Implementation Update. The hearing will be held in Room 2360 of the Rayburn House Office Building.
One year ago today, the Jumpstart Our Business Startups Act was enacted. This bipartisan legislation was designed to reduce regulations for small businesses seeking to finance through the public markets and the Internet. To implement this law, the Securities and Exchange Commission (SEC) is required to draft several rules. However, despite deadlines set out in the law, the SEC still has not finalized the regulations.
"The 'JOBS' Act opens new doors to capital formation and job creation for small businesses," said Subcommittee Chairman Schweikert. "However, a year later, the business community is still waiting on the SEC to lay out the ground rules. I look forward to working with them to get capital-starved small businesses off the sidelines.”
Thursday, April 11, 2013, 10:00 a.m. EDT