For Immediate Release
Andrew Wimer, 202-314-2073 or 703-298-5938 (cell)
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NFIB Tax Counsel Calls on Senate to Reduce Burdens of Compliance
Washington, DC (July 22, 2015) –Nick Karellas, NFIB Tax Counsel, testified today at a Senate Small Business Committee hearing on the high burden of tax compliance on small business. Senators from both parties expressed support for permanent extension of Section 179 expensing, one of the solutions Karellas called for in his opening statement.
“For too long now, small business owners have had to wait until late in the year before they knew whether Congress would extend tax breaks for purchasing equipment,” said Karellas. “In some years, the extension has come so late that few businesses were even able to take advantage of the credit. It’s just one of many compliance headaches that hold back business growth and hiring. We appreciate that there are Democrats and Republicans who think that it’s time to make this policy permanent.”
Senate Small Business Committee Chairman David Vitter (R-LA) expressed his support for permanent extension of Section 179 expensing at $500,000 annually. Senators Chris Coons (D-DE) and Deb Fischer (R-NE) also told witnesses they supported making this provision permanent.
In addition to calling for permanent extension of Section 179 expensing, Karellas called on Congress to reduce complexity of the tax code, increase the safe harbor threshold for expensing and expand the ability to use cash-based accounting. Read his written testimony here.
Video of the hearing is available here.
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