East Texans weigh in on $30 billion small business lending bill

TYLER, TX (KLTV) - By Jena Johnson - bio | email | Twitter
Posted by Ellen Krafve - bio | email | Twitter

TYLER, TX (KLTV) - President Obama has signed a $30,000,000,000 jobs bill into law aimed at helping small businesses. It offers tax incentives for small businesses to expand their operations.

The president says those incentives could help create jobs in the short term. While one small business owner says the bill will do just that, an East Texas accountant says he is not so sure.

Taxi driver Lynn Green has been all over East Texas. He says he loves his job. "I like coming to work every day and it's something new every day," he said.

But, the taxi he is driving is not so new. Back at the Tyler Taxi Garage, mechanic Mario Lopez repairs broken-down cabs.

"We need more taxis," said Lopez. "I mean, it'd be better for us if they're brand new."

Until the bill was signed, new cabs were out of reach. Tyler taxi owner Jamal Moharer says President Obama's small business jobs act has changed that. "I welcome it because it does affect my business and it helps," he said.

Under the bill, there are eight new tax breaks. The one that stands out to Moharer is a $500,000 tax write off on things like new equipment. "We do have some projects that will meet or exceed that," shared Moharer.

He plans to purchase new cabs right away. "I see an opportunity to be able to upgrade to a new fleet," he explained.

Accountant Brandon Mays says that particular tax break is ground breaking. "It adds the incentive for small business owners to go ahead and purchase that," said Mays.

But he says some things about the act are misleading, like the title of the President's plan: Small Business Jobs Act.

"There's no direct provision in the act that will instantly create new jobs," explained Mays. "It has the potential to create jobs in an indirect way."

For Tyler Taxi, the act is a gateway to expanding their small business. "We can actually act on the pending projects that we've had on shelf for a while," said Moharer. "If we could get the extra vehicles then we'd have a large fleet," said Green. "Then, we could hire more drivers."

We want to know what you think about the president's new bill. Scroll down to share your thoughts in the comments section below.

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