Colorado Senator Cory Gardner introduced a bill last week that, if enacted, will help Americans start and expand their small businesses.
Colorado Senator Cory Gardner introduced a bill last week that, if enacted, will help Americans start and expand their small businesses.
The Small Business Start-up Savings Account Act aims to create a tax-deductible savings accounts for entrepreneurs who plan to start or expand their business. According to the Small Business Administration, over six million small businesses in the United States are funded directly through personal or family savings.
“A frequent concern I hear from small business owners on my Main Street Walking Tours across the four corners of Colorado is how tough it is to start a new business,” said Sen. Gardner. “It is my hope that being able to set up a small business savings account will at least make it a little bit easier for entrepreneurs and small business owners to save money and build their company.”
“Having grown up in a family-owned business, I’ve seen firsthand how difficult it can be to run a small business, make payroll, build capital, and comply with a complex regulatory system,” he continued.
NFIB supports the bill, which would help small businesses and entrepreneurs thrive.
“NFIB looks forward to working with Senators Gardner and Peters to advance this legislation and provide permanent tax relief for our country’s job creators,” said Kevin Kuhlman, NFIB’s senior director of federal government relations.