Huizenga small business bill approved by the House
The Holland Sentinel – December 12, 2017
Legislation introduced by Rep. Bill Huizenga, R-Zeeland, regarding small business mergers and sales was unanimously approved by the U.S. House.
The legislation passed 426 to 0 on Dec. 7 and is called the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017.
“It’s geared toward the small privately-held businesses,” Huizenga said. “West Michigan and the entire state is full of those types of businesses. This will help as we are trying to make sure those small businesses stay in West Michigan and that there is a succession plan.”
Huizenga said current regulations treat the sale of privately owned small family businesses the same as if an investment bank was purchasing a publicly traded company and his legislation would get rid of some of this legislation.
The legislation will significantly reduce the federal regulatory compliance costs, which can initially exceed $150,000 and after that, cost $75,000 annually, Huizenga said.
“With an estimated $10 trillion in privately held small businesses either being sold or closing as more and more baby boomers retire, our regulatory structure should encourage these neighborhood businesses and small companies to be sold to the next generation of entrepreneurs,” Huizenga said.
The legislation will promote economic growth and development, strengthen job creation and provide immediate regulatory relief for small business professionals, he said.