WASHINGTON (June 13, 2014) — Small business associations are praising the House of Representatives for passing H.R. 4457, also known as America’s Small Business Tax Relief Act, by a 272-144 vote June 12.
H.R. 4457 would permanently raise the small business expensing level to $500,000. Small business expensing allows small businesses to deduct the cost of a qualified investment in the year it is purchased, rather than depreciate it over time.
More than 160 associations — including the Tire Industry Association, the Auto Care Association, the Montana Tire Dealers Association, the U.S. Chamber of Commerce and the National Federation of Independent Business — signed a letter to House members June 9, urging them to pass the legislation.
Matt Turkstra, NFIB manager of legislative affairs, issued a statement June 12 heralding the bill’s House passage.
“Members of Congress often say they want to help small business,” Mr. Turkstra said. “Well, this is a way to help right now.”
John Arensmeyer, founder and CEO of Small Business Majority, also was pleased with the bill’s passage.
“This gives business owners the ability to maximize investment in their companies, fueling expansion and driving growth and job creation,” Mr. Arensmeyer said.
“And making the higher small business expensing limits permanent will reduce uncertainty and the incidence of tax policy driving business decisions.”
H.R. 4457 now goes to the Senate.
What do you think of the tax reform proposal before Congress?
|I’m in favor of it—it’s good for business||
29% (27 votes)
|It doesn’t go far enough in helping small business.||
12% (11 votes)
|I’ll wait to see the final bill.||
19% (18 votes)
|It’s going to hurt the middle class.||
40% (37 votes)
|Total votes: 93|