NFIB/IA Urges Congressional Delegates to Pass Tax Relief Bill on Thursday

Date: June 10, 2014

Related Content: News State Iowa

Des Moines (June
10, 2014)
The National Federation
of Independent Business (NFIB),
representing roughly 10,000 small business
owners in Iowa, today urged its congressional delegation to support a
tax-relief bill that garnered strong bipartisan support in the past and which would
be a shot in the arm for small businesses in a rough economy.

 

“This is an extremely high priority for Iowa small
businesses and farmers and we think that our congressional representatives
should make it their priority to pass,” said NFIB Iowa State Director Kristin Failor.

 

The bill, HR
4457
, also known as the Small Business Tax Relief Act, would allow small
business owners to deduct the full cost of up to $500,000 in new machinery,
vehicles and other capital assets in the same year they make the
investments.  That’s a major change from
the current system, under which businesses can deduct only $25,000 in new
equipment.  For investments above that
level small businesses can only deduct only a portion of the depreciated value
each year. 

 

“Those reforms would allow small business owners
to recoup more of their investments and to do so much sooner than the current
system allows,” said Failor.  “It would
create an immediate incentive for small businesses to invest in themselves,
grow and create jobs.”

 

It would also simplify the tax filing requirements
for small business owners who would no longer have to repeat the same exercise
every year possibly for a decade or more.

 

“Most Iowa small businesses don’t have in-house
tax experts and consultants to help them navigate the system and the
paperwork,” said Failor.  “So there’s an
immediate tax benefit that also reduces for small business owners the cost and
time required for tax preparation, filing and compliance.”

 

NFIB has listed the bill among its key votes for
this session.  It will be part of the
scorecard, in other words, and according to Failor the state’s congressional
delegation should give it bipartisan support.

 

“There’s a real chance for permanent, bipartisan tax
relief this Congress and it’s this bill,” said Failor.  “Our members are very strongly urging their
congressional representatives to vote for this measure on Thursday.”   

  

Click here to read about NFIB’s position on the bill.  To learn more about NFIB, please visit www.nfib.com.

 

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Related Content: News | State | Iowa

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