www.nfib.com
For Immediate Release
Jack Mozloom, 202-406-4450 or 609-462-5610
Eric Reller, 202-314-2073
Follow Jack on Twitter @JackMozNFIB
Follow NFIB on Twitter @NFIB
NFIB Applauds
House Passage of Small Business Expensing
Bill
Simplifies Accounting, Provides Cash-Flow for Small Business
WASHINGTON, D.C., February
13, 2015 — The National Federation of Independent
Business (NFIB) is praising passage of NFIB Key
Vote, H.R. 636, America’s Small Business Tax Relief
Act of 2015.
“Small businesses
are facing significant new tax burdens if small business expensing is not
addressed for 2015,” said NFIB
Manager of Legislative Affairs Matt Turkstra. “NFIB applauds members of the
House for taking the first step in fixing this small business tax priority –
voting to pass bipartisan legislation that benefits both Main Street businesses
and the communities in which they reside. We urge the Senate and the President
to pass this legislation now – and not keep America’s job creators in limbo
while they hope for another 11th hour deal.”
Small business expensing
(Section 179) allows small businesses to immediately deduct the full value of
investments in equipment in the year that the investment is made, instead of
depreciating the investments over time. NFIB strongly supports making this tax
provision permanent because it simplifies accounting and frees up cash to be
reinvested in the business.
In addition, the NFIB Research Foundation
estimates that a permanent expansion of small business expensing could add 200,000
jobs and boost U.S. real output by as much as $18.6 billion over a ten-year
window.
“Small business expensing dropped to $25,000 on Jan. 1 2015,
from the $500,000 level last year. Making this tax provision permanent would
encourage business owners to purchase everything from tractors to pizza ovens,
creating a ripple effect through the local community. It also allows business
owners to better run their business by eliminating a major uncertainty in tax
preparation and planning. This bipartisan legislation is a win for all sides,” said Turkstra.
###
NFIB is the nation’s leading small
business advocacy association, with offices in Washington, D.C. and all 50
state capitals. Founded in 1943 to give small-business owners a voice in public
policy-making, NFIB’s policy positions are set by its 350,000 business-owner
members, who send their views directly to state and federal lawmakers through
NFIB’s unique member-only ballot. NFIB’s mission is to promote and protect the
right of our members to own, operate and grow their businesses. More information
is available online at www.NFIB.com/news.
.@nfib applauds #House vote providing #smallbiz certainty on expensing limit and creating up to 200k jobs. http://t.co/4MzSIzZpy4
— NFIB (@NFIB) February 13, 2015
