FOR IMMEDIATE RELEASE:
CONTACT:
Felicia Powers
fpowers@nglcc.org
PHONE: 202.234.9181
WASHINGTON, Jan. 28 — Following last night’s first State of the Union Address by President Obama, the National Gay & Lesbian Chamber of Commerce (NGLCC) categorized the president’s words as important for LGBT Americans and applauded several key initiatives outlined that are designed to bolster small businesses in the U.S.
"We were pleased to hear the president call for the repeal of Don’t Ask Don’t Tell and we are eager to work with him on implementing initiatives to get small businesses healthy and hiring again,” said NGLCC co-founder and president Justin Nelson. "It is now time for the administration to push Congress to enact legislation that is vital to small businesses."
The NGLCC outlined several items from the president’s address the organization feels are key to the economic recovery of America’s 25 million small businesses, of which nearly 1.5 million are LGBT owned and operated. In his speech, the president called for a $30 billion fund to help community banks lend to small businesses. “Access to credit is not just an important piece to reviving small businesses, it’s the MOST important piece,” said Nelson.
The president also called for eliminating the capital gains tax for small businesses for one year. “The proposed one-year elimination of the tax on capital gains will provide added incentive to invest in small businesses,” said NGLCC co-founder and CEO Chance Mitchell. Mitchell noted that this would be up from the current, but temporary — 75 percent exclusion now in place.
Other proposals embraced by the NGLCC include a jobs tax credit to aid in the cost of hiring new employees and enhancing exporting. “Improving and enhancing exporting opportunities for small businesses will strengthen not only the small-business community, but U.S. exports across the board,” said Mitchell.
About the NGLCC:
The NGLCC is the business advocate and direct link between LGBT business owners, corporations and government. The NGLCC was founded as the exclusive organization for certification of LGBT-owned businesses, and works to foster mutually beneficial opportunities for small businesses and corporate members. As the umbrella organization for 61 state, local and international LGBT chambers of commerce affiliates, the NGLCC is the largest LGBT business advocacy and development organization in the world. Follow the NGLCC on Twitter @NGLCC or join our Facebook Fan Page at www.facebook.com/nglcc. NGLCC Applauds Obama State of the Union Address as Good for LGBT Americans and Good for Small Businesses
