02/07/2008
Urges final passage of the bill so that small business can start taking advantage of tax incentives
CONTACT: Melissa Sharp 202-314-2068
WASHINGTON, D.C.--Dan Danner, executive vice president of the National Federation of Independent Business, the nation's leading small business advocacy organization, issued the following statement in reaction to the U.S. Senate vote to approve the H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008, as amended:
"NFIB is pleased that the Senate voted today to support small business, America's job creators, by passing a bipartisan economic stimulus package that includes tax incentives small business owners can use to invest in their companies and hire new employees. NFIB has worked closely with members of Congress to ensure that the final economic stimulus agreement included these important tax incentives to help small businesses, the true engine of the U.S. economy.
"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.
"In order for the stimulus package to have its greatest impact, the legislation needs to immediately be approved by Congress and signed by the President. The sooner small business owners can count on these tax incentives, the sooner small business owners can take advantage of the stimulus package and start investing in their businesses. NFIB urges Congress and the President to move quickly to pass the economic stimulus package, so that small business owners can depend on these tax incentives to grow and expand their companies,” said Danner.
