Snowe pushes bill to aid small manufacturers

WASHINGTON – U.S. Sen. Olympia J. Snowe of Maine unveiled Tuesday a bill to help small manufacturers hard hit by foreign competition and trade barriers get back on their feet.

Snowe filed the “Small Manufacturers Assistance, Recovery and Trade (SMART) Act” Tuesday, saying it will introduce new resources and improve existing programs, all to the benefit of the nation’s manufacturers.

“It is critical that we revitalize our manufacturing base and establish an environment for small manufacturers to grow and create jobs again,” said Snowe, chair of the Senate Committee on Small Business and Entrepreneurship.

Snowe said 2.8 million manufacturing jobs have been lost nationwide since July 2000.

She said the SMART Act would expand federal government resources that provide support for small manufacturers which represent 98 percent of the country’s manufacturing enterprises and employ 12 million people.

The SMART Act also would work in concert with the “Jumpstart Our Business Strength (JOBS) Act,” which recently was passed by the Senate Finance Committee.

The JOBS Act contains provisions to expand tax breaks for small manufacturers, including a lower tax rate for manufacturers – to cover all forms of small manufacturers, including C-Corporations, S-Corporations, LLCs, partnerships, and sole proprietorships – as well as a variety of tax benefits targeted to small businesses.