Boozman backs permanent small business tax cut

WASHINGTON—U.S. Senator John Boozman (R-AR) has cosponsored the Main Street Tax Certainty Act , legislation introduced by Senator Steve Daines (R-SD) and Majority Leader John Thune (R-SD) to make the 20 percent pass-through business tax deduction permanent. The expiration of this tax cut would require small businesses to face an immediate and insurmountable tax hike.

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“From main street storefronts to manufacturers, agriculture producers and more – small business is the backbone of our economy,” said Boozman. “I am proud to support policies that help Natural State small businesses thrive and stimulate growth and investment into our local communities.” 

“As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing- especially as Americans are still grappling with the effects of Joe Biden’s inflation. It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I’ll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state,” said Daines.

“Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country. This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025,” said Thune. 

The legislation is also cosponsored by Senators John Barrasso (R-WY), Shelley Moore Capito (R-WV), James Lankford (R-OK), Joni Ernst (R-IA), Tom Cotton (R-AR), Tim Scott (R-SC), Chuck Grassley (R-IA), Kevin Cramer (R-ND), Jerry Moran (R-KS), Marsha Blackburn (R-TN), Mike Rounds (R-SD), Pete Ricketts (R-NE), Katie Britt (R-AL), Jim Risch (R-ID), Eric Schmitt (R-MO), Roger Wicker (R-MS), Cynthia Lummis (R-WY), Cindy Hyde-Smith (R-MS), Tommy Tuberville (R-AL), Ted Cruz (R-TX), John Hoeven (R-ND), Thom Tillis (R-NC), Roger Marshall, M.D. (R-KS), Jim Justice (R-WV), Tim Sheehy (R-MT), Deb Fischer (R-NE), Bill Cassidy, M.D. (R-LA), Ted Budd (R-NC), Rick Scott (R-FL), Bill Hagerty (R-TN), Todd Young (R-IN), John Kennedy (R-LA) and Jim Banks (R-IN).  

The Main Street Tax Certainty Act is endorsed by multiple small businesses and advocacy groups. Here’s what they are saying about the bill. 

“Congress must preserve the pass-through deduction to protect the small and medium manufacturers that are the backbone of the American supply chain. Manufacturers strongly support the Main Street Tax Certainty Act, which will make permanent this crucial provision and ensure that our tax code supports manufacturers in America as they invest in their businesses, create jobs, and drive the economy,” said National Association of Manufacturers Managing Vice President of Policy Chris Netram.

“If Congress fails to act, more than 30 million small businesses will face a massive tax hike at the end of this year. The 20 percent Small Business Deduction allows nine out of 10 Main Street job creators to compete, grow their business, hire new employees, raise wages, and give back to their communities,” said National Federation of Independent Businesses President Brad Close. 

Over 230 trade associations also signed a letter in support of the Main Street Tax Certainty Act.

Click here to read the text of the legislation.

Representative Hill fights for small businesses to have access to capital

WASHINGTON, D.C. - Rep. French Hill (AR-02) today released the following statement after the House passed the Expanding Access to Credit Act, which will expand credit access for small businesses and make it easier for small businesses to comply with regulatory standards.

“As a former entrepreneur and community banker, I understand firsthand the importance of small businesses having fair access to capital to grow. Chairman Patrick McHenry and I have made expanding access to capital a top priority in our committee to ensure entrepreneurs can start and grow their successful business. Small businesses are the backbone of our economy and deserve to be helped – not hurt – by their own government.”

Further Background:

 H.R. 2799 - Expanding Access to Capital Act: This legislation would ensure entrepreneurs and small businesses have access to the capital they need to grow.

 Rep. Hill’s legislation, the Remove Aberrations in the Market Cap Test for Target Company Financial Statements Act, was included in this bill. His legislation would clarify that all classes of acquirer’s equity could count towards the market cap test to determine which acquisitions (20%) are “significant” to require target company financial disclosures.

Report: Arkansas VC investment surged 117% in 2022

by Paul Gatling (pgatling@nwabj.com)

The 2022 Arkansas Capital Scan, released Wednesday (Dec. 6) by the Northwest Arkansas Council, shows a substantial uptick in venture capital to Arkansas-based startups. Since 2020, there has been an impressive annual quadrupling of venture capital dollars, underscoring a growing interest in the state’s entrepreneurial ecosystem.

According to the report, venture capital investments in Arkansas totaled $270.8 million across 26 companies in 2022 — a 117% increase from the previous year. Northwest Arkansas continued to drive most of the funding, representing 65.4% of all deals in the state.

However, Arkansas falls behind many states in comparison. According to the report, non-coastal states like Michigan, Ohio and Utah, for example, attract billions of dollars in venture capital funding each year. Additionally, angel investments, sourced from individual investors rather than venture capital firms, exhibited a declining trend, trailing behind the levels seen in neighboring states.

Report: Arkansas VC investment surged 117% in 2022

May 18 event to provide matchmaking opportunities for vendors and minority- and women-owned businesses

By Rebekah Hall
U of A System Division of Agriculture

New customers are critical to any business, and a May 18 matchmaking event will offer opportunities for minority- and women-owned businesses to connect with public and private sector vendors.

A MATCH IN THE MAKING — Melanie Berman, director of Arkansas APEX Accelerator for the Division of Agriculture, said the upcoming May 18 Minority- and Women-Owned Business Enterprise Matchmaking event will provide important tools and networking opportunities for small businesses. (Division of Agriculture photo.)

The Minority- and Women-Owned Business Enterprise Matchmaking Event will take place from 8:00 a.m.-4:00 p.m. at the Ron Robinson Theater and the Rock It! Lab, both located in the CALS Library Square in downtown Little Rock. Check-in begins at 7:30 a.m. Registration is free, and participants must register online at info.arkansasedc.com/matchmaking2023 by May 12.

The event is hosted by the Arkansas APEX Accelerator — formerly known as Arkansas PTAC — in partnership with the Arkansas Economic Development Commission and the Arkansas District Office of the U.S. Small Business Administration. The schedule will include 15-minute matchmaking appointments, where business owners can discuss possible contracts for their goods and services with buying representatives. These representatives are matched with business owners based on information provided during registration.

The keynote speaker is Edward “Ted” James, who was appointed by President Joe Biden to serve as the U.S. Small Business Administration’s regional administrator for Region 6 South Central Region. James oversees the administration of Small Business Administration products and services in ten district offices in Arkansas, Louisiana, New Mexico, Oklahoma and Texas.

Arkansas APEX Accelerator is also offering a webinar on May 11 from 10:00 a.m.-11:30 a.m. with tips for navigating the matchmaking event. Topics will include the role of certifications, vendor registration sites, market research sources and marketing tools specific to the government marketplace. There is no cost to register at bit.ly/pre-matchmaking-workshop.

Opportunities for underserved small businesses

Melanie Berman, Arkansas APEX Accelerator program director for the University of Arkansas System Division of Agriculture, said the event provides critical tools for small and minority-owned businesses.

“Underserved small businesses have faced barriers in accessing capital, credit and other tools necessary for growth,” Berman said. “They are often located in inner cities and rural areas and often include women, people of color, veterans, tribal groups and others. Participating in the annual Minority and Women-Owned Business Matchmaking event will connect business owners with government buyers, small business support organizations such as Arkansas APEX accelerator, and other area businesses.”

Berman will also moderate the Success Stories from Minority- and Women-Owned Businesses panel at the event, where attendees will hear from successful business owners about how they navigate the world of government procurement. She said APEX Accelerator counselors can help business owners prepare to make the most of the matchmaking event.

“Businesses of all levels may attend the event, which may give them a competitive advantage with the government buyer,” Berman said. “However, businesses must manage expectations and properly prepare for their one-on-one meetings. APEX Accelerator counselors are here to help businesses prepare for the matchmaking event.”

APEX Accelerator is part of the Cooperative Extension Service’s Community, Professional and Economic Development Unit. The extension service is part of the University of Arkansas System Division of Agriculture.

To learn about extension programs in Arkansas, contact your local Cooperative Extension Service agent or visit www.uaex.uada.edu. Follow us on Twitter and Instagram at @AR_Extension. To learn more about Division of Agriculture research, visit the Arkansas Agricultural Experiment Station website: https://aaes.uark.edu. Follow on Twitter at @ArkAgResearch. To learn more about the Division of Agriculture, visit https://uada.edu/. Follow us on Twitter at @AgInArk.