Rep. Cory Gardner (R-CO) introduced a bill today that will help entrepreneurs and small business owners by allowing them to open tax deductable savings accounts under the condition that the money is used to start or grow a small business.
“Many small businesses are started in a garage with a dream and a credit card, and it’s time to lend these people a hand.” Gardner said. “If we’re serious about economic recovery and job creation then let’s look to ways that we can help small businesses, which create 2 out of every 3 new jobs.”
Details of Rep. Gardner’s proposal:
· Businesses with 500 or fewer employees will be eligible to open a savings account.
· Contributions to the account would be capped at $10,000 per year and the total value of these accounts at any one time would be capped at $150,000.
· As long as the money is used within five years of the first distribution, account holders do not have to worry about fees or penalties.
· Account holders could use the funds for the costs of business creation or expansion, such as the purchase of equipment or facilities, marketing, training, incorporation or accounting costs.
A copy of the bill is attached.
Prairie Gateway re-branded to Victory Crossing {Commerce City}
Commerce City "We need to be sure that we are not left behind in ED..."
Will we ever see Development @ the Prairie Gateway site in Commerce City, CO??? It has been years since the Commerce City Civic Center and Rapids stadium have been built and still no economic development. I guess patience is really a virtue.
