Wisconsin Small Business Urges Congressional Delegation to Pass Tax Relief this Thursday

Date: June 11, 2014

Related Content: News State Wisconsin

Madison (June
11, 2014)
The National Federation
of Independent Business (NFIB),
representing 10,000 small business owners
in Wisconsin, 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 Wisconsin small businesses and farmers
and we think that our congressional representatives should make it their
priority to pass,” said NFIB State
Director Bill G. Smith
.

 

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 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 Smith.  “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 Wisconsin
small businesses don’t have in-house tax experts and consultants to help them
navigate the system and the paperwork,” said Smith.  “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 Smith the state’s congressional delegation should give it
bipartisan support.

 

“There’s a real chance for permanent, bipartisan tax
relief in this Congress, and it’s this bill,” said Smith.  “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.

 

#####

Related Content: News | State | Wisconsin

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is America's leading small business association, promoting and protecting the right of our members to own, operate and grow their business

Find out more about
NFIB Membership

Or call us today

1-800-634-2669

News

State Issues


Choose Your State

Foundations

YEF Foundation Research Center Legal Foundation

Member Benefits