Small business expensing is one of those popular bipartisan issues that most everyone agrees makes sense – but has been a victim of ‘politics as usual’ recently. Because, after many years of temporarily raising the annual amount of expensing—it reached $500,000 last year—Congress allowed it to fall to a woefully inadequate $25,000 for 2014!
However, NFIB worked with Representatives Tiberi and others in the US House of Representatives to pass H.R. 4457, America’s Small Business Tax Relief Act, which would permanently restore small business expensing to $500,000 and index it for inflation. This represents a huge win that would make permanent increased expensing levels that are essential to your business and millions of other small firms.
But the fight is not over, this legislation still needs to pass the Senate. This is the time to tell your Senator that you are a member of the National Federation of Independent Business—the nation’s leading small-business advocacy organization—and that you also strongly support small business expensing.
As a small business owner in their state, your voice carries a great deal of significance in that office – so when you express real concern over small business expensing – it means something.
There are probably many things you can do to improve your small business, but few of them are as important right now as lending your voice to this issue.
This legislation, if enacted, will bring some much needed certainty to an important section of the tax code for small business known as IRS Code Section 179. It would retroactively and permanently extend from Jan. 1, 2014, increased limitations on the amount of investments that can be immediately deducted from taxable income.
Nationwide, small businesses continue to face unprecedented economic challenges Passing legislation such as H.R. 4457 to permanently restore small business expensing is critical to help spur economic growth is a great first step. And telling the Senate how important this is to your business is the next step. Small business expensing would greatly reduce tax confusion and bring predictability to your efforts to plan for investing in much needed equipment or other improvements that would benefit your local community. What’s more, it could ease your recordkeeping procedures and boost small-business job creation.
Get busy now to improve your small business. Say you support H.R. 4457 – and urge your Senator to support small business