House Passage of Small Business Tax Relief Act Good News for Small Employers
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, on today̢???s passage by the U.S. House of Representatives of America̢???s Small Business Tax Relief Act of 2014̢??a bill aimed at making it easier for small businesses to buy new equipment and improve their property
We are pleased the U.S. House of Representatives today passed the America̢???s Small Business Tax Relief Act of 2014 (H.R. 4457), a bill that would improve a crucial part of the tax code for small firms and give small businesses more financial confidence while promoting investment.
The Small Business Tax Relief Act would permanently raise the small business expensing (sometimes called Section 179 expensing) level to $500,000, and allow small businesses to deduct up-front the cost of purchasing new equipment and property. This gives business owners the ability to maximize investment in their companies, fueling expansion and driving growth and job creation. And, making the higher small business expensing limits permanent will reduce uncertainty and the incidence of tax policy driving business decisions.
Small businesses are vital to our economic strength, having created 64 percent of all new jobs in this country over the last two decades. They are looking to lawmakers for long-term solutions that protect our economy, create the certainty businesses need to plan for the future and level the economic playing field so they can compete in this tough economic environment. We applaud the House for passing this piece of legislation and look forward to seeing lawmakers take up more pieces of small business-friendly legislation in the future.
<p><strong>About Small Business Majority</strong><br />
Small Business Majority is a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing America's 28 million small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions, and have delivered information and resources to entrepreneurs that promote small business growth and drive a strong, sustainable economy. We are a team of more than 30 working from our 11 offices in Washington, D.C. and 9 states, with a network of more than 45,000 small business owners and more than 2,000 business organizations, along with a formal strategic partnership program of more than 125 business organizations, enabling us to reach more than 500,000 entrepreneurs. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about issues including taxes, healthcare, access to capital, entrepreneurship, workforce development, clean energy and immigration. Learn more about us on our website and follow us on <a href="https://twitter.com/SBM_Media" target="_blank">Twitter</a>, <a href="https://www.facebook.com/SmallBusinessMajority" target="_blank">Facebook</a> and <a href="https://instagram.com/smlbizmajority/" target="_blank">Instagram</a>.</p>