Supporting small buisness means "Yes" on package that includes permanent tax relief
DC (December 18, 2015) – Senators on both sides of the aisle who support
small business should remember today when they vote on the government funding
package that it contains permanent tax relief that local firms badly need,
according to the National Federation of
Independent Business (NFIB).
“This has been a high priority for small business
for years and we’re closer than ever to getting it done,” said NFIB President and CEO Dan Danner.
“There is very little in the US Tax Code that benefits small
business. The Senate could make a real
difference for American small businesses by making Section 179 permanent.”
The measure, known as Section 179 of the IRS Tax
Code, allows small businesses to expense up to $500,000 per year for big
investments, such as machinery, equipment, technology and other capital
upgrades. Without congressional action
the provision would expire at the end of December, as it has every year for the
past several years. While Congress has
voted consistently to extend it, the annual waiting game plays havoc on small
business finances and gums up their biggest financial decisions.
“Permanent expensing will allow small businesses
to plan out their most important financial decisions,” said Danner. “The tax benefit encourages small businesses
to invest in their own growth and the permanency allows them to plan those
investments instead of having to wait on Congress every year.”
NFIB has fought for several years to make Section
179 of the IRS Tax Code permanent. Its
Research Foundation released a study earlier this year showing that permanent
expensing would create 197,000 new jobs.
And in the past two weeks NFIB members pulled out all the stops, sending
more than 10,000 letters and emails to members of Congress encouraging them to
push the measure over the goal line.
“This will be a big victory for small business
owners and its effects will ripple through the economy in the form of more
investments, more business-to-business activity and more jobs,” said Danner.
For more information about NFIB please visit www.nfib.com.
are three video clips featuring NFIB Manager of Senate Affairs Jordan Forbes
explaining 179 for small business: