01/29/2008
Stimulus package includes key provisions supported by NFIB to assist small business owners
CONTACT: Melissa Sharp, 202-314-2068
WASHINGTON, D.C.--The National Federation of Independent Business, the nation’s leading small business advocacy organization, announced today that the U.S. House vote on H.R. 5140, The Recovery Rebates and Economic Stimulus for the American People Act of 2008, will be an official NFIB "key vote" for small business owners.
"Small business owners, America’s job creators, are the engine of our economy. Small businesses are the only sector of the economy creating net new jobs. Therefore, it only makes sense that any stimulus package passed to boost the economy includes provisions that will assist small business owners," said Dan Danner, executive vice president of NFIB. "The Recovery Rebates and Economic Stimulus for the American People Act of 2008 includes important tax incentives that will help small business owners expand their businesses and hire new employees. NFIB strongly supports this legislation and is encouraging all House Members to vote in favor of H.R. 5140."
Key provisions included in the economic stimulus deal:
- One of the most important provisions included in the stimulus package is increasing the dollar amount for small business expensing limits from $125,000 to $250,000. This will allow small business owners to immediately write off business purchases and will help small business owners expand their businesses and hire new employees.
- Another key provision included in the economic stimulus package is the 50 percent bonus depreciation deduction. This proposal provides an additional one-year depreciation deduction value to 50 percent of the value of the property. Bonus depreciation is an incentive for businesses to invest in their business now, providing an immediate deduction for half the cost of the investment.
"These provisions will help small businesses retain their current employees, hire new workers and purchase needed equipment for their businesses. NFIB urges Congress to act quickly to pass this economic stimulus package," said Danner.
