You are hereHome > Press Room December 2013
Press Room December 2013
George Mui, a Business Development Specialist with the Minority Business Development Agency’s Office of Business Development, received the 2013 Asian Exemplary Civic Service Award and the President’s Silver Category Call to Service Volunteer Award, last month during a ceremony in Chicago.
The awards were part of Asian Chronicle USA TV’s 12th annual event where the public access channel honors exemplary Asian philanthropists, humanitarians, and exemplary civic volunteers who have paved the way or have made significant contributions for the betterment of the lives of the less fortunate, the impoverished and the under-served.
“I’m extremely honored to have received these awards,” Mui said. “The Asian American community is very diverse and they need a voice and platform to showcase their cause. I’m very proud to help all of the Asian American community and this recognition means a lot to me.”
On December 2, the Minority Business Development Agency (MBDA) recognized the 2013 National Minority Enterprise Development (MED) Week Award winners. The winners include 12 organizations, businesses and individuals who have demonstrated leadership and commitment in advancing the minority business community. U.S. Secretary of Commerce Penny Pritzker presented the awards during a ceremony in Washington, DC.
“I am pleased to recognize and personally congratulate the 2013 National Minority Enterprise Development Week Award winners,” said Secretary Pritzker. “Helping American businesses grow and create jobs is the key focus of the Commerce Department’s ‘Open for Business Agenda,’ and today’s award recipients are playing a critical role in those efforts by helping minority-owned businesses innovate, expand and thrive.”
Winners were selected for the following awards: Ronald H. Brown Leadership Award; Champions of Minority Business Development; and Minority-Owned Firms. The awards are designed to celebrate and recognize outstanding achievements of minority entrepreneurs based on the challenges the business has overcome, total revenues, total jobs created and the economic impact the business has had on the community. MBDA also recognized individuals and organizations that have demonstrated leadership and commitment in advancing the minority business community.
Last month, U.S. Commerce Secretary Penny Pritzker outlined the U.S. Commerce Department’s bold new policy agenda focused on U.S. trade and investment, innovation, and data. These core areas reflect the department’s role as the voice of business and embody the attributes of a globally competitive economy. And they signal that the United States and the Department of Commerce are indeed, “open for business,” and focused on economic growth and job creation.
Among the new initiatives Secretary Pritzker announced are the next phase of the National Export Initiative; an enhanced and expanded program to attract foreign investment; a first-time Commerce effort to ensure skills training programs meet industry needs; and public-private partnerships that enable businesses and communities to make better use of government data.
Secretary Pritzker also committed to leading a robust environment agenda at Commerce, and to ensuring that operational excellence and public accountability are a top priority of departmental leadership.
The Commerce Department plan builds on the significant progress the U.S. economy has made in recovering from the worst recession since the Great Depression: more than 8 million new private sector jobs added in the last 45 months; GDP at an all-time high; more exports than ever before; and a resilient manufacturing sector.
Tax expenditures are provisions in the tax law designed to benefit specific groups of taxpayers. They are similar to spending programs but generally do not involve direct federal outlays. Rather, they work through the income tax system, taking the form of special credits, exemptions, deductions, exclusions, and preferential rates. This study estimates the utilization of federal tax expenditure provisions by small and large businesses in 2013.
By design, most tax expenditures provide incentives for taxpayers to engage in, or increase their contribution to, activities in which they ordinarily would not engage in the absence of the provision. For example, some of the largest federal tax expenditures involve incentives for home ownership (e.g., the mortgage interest and property tax deductions), investment (e.g., accelerated cost recovery for equipment and structures), healthcare (e.g., exclusion for employer-provided insurance), and research (e.g., expensing of research and experimental expenditures).
Tax expenditures are typically viewed as tax loopholes or special tax breaks for limited classes of taxpayers. However, many of the provisions identified as tax expenditures are broadly available to individual or business taxpayers.
The complete picture of the use and impact of tax expenditures by small businesses requires examining the legal form of a small business and the tax advantages afforded each entity type under the tax law. About 80 percent of small businesses organize as sole proprietorships and report their income, deductions, credits, and tax liability on Form 1040 (Schedule C) (Figure 1). Another 16 percent of small businesses are pass-through entities such as partnerships and S corporations and report their taxable income on Form 1040 (Schedule E). The 3 percent of small businesses that organize as C corporations report their business income and taxes on the Corporate Income Tax Form 1120. Among larger firms, 50 percent are S corporations, 25 percent are C corporations, and 25 percent are partnerships (including LLCs).
Grow your Sales in the Middle East
Secretary of Commerce Penny Pritzker will lead an Infrastructure Business Development Mission to the United Arab Emirates, the Kingdom of Saudi Arabia and Qatar that will highlight infrastructure export opportunities for U.S. businesses with an emphasis on project management and engineering (including construction, architecture and design), renewable energy (solar, wind, waste-to-energy), smart grid and energy efficiency, and environmental technologies (including water/wastewater; air pollution control; and waste management). This mission advances the 2010 launch of President Obama’s National Export Initiative, which aims to double U.S. exports by the end of 2014, supporting economic and job growth.