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Jaime Herrera Beutler Votes for Permanent Small Business Tax Relief

Job creation bill allows small businesses to expense investments in equipment, software, property

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Washington, DC, February 13, 2015 | comments
Jaime Herrera Beutler voted today along with a bipartisan majority of the U.S. House of Representatives to pass the America’s Small Business Tax Relief Act that provides small businesses tax relief and will help spur investment.
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Jaime Herrera Beutler voted today along with a bipartisan majority of the U.S. House of Representatives to pass the America’s Small Business Tax Relief Act that provides small businesses tax relief and will help spur investment.

The legislation makes permanent Section 179 of the tax code, allowing small businesses to expense investments in equipment, software, and property. Over the last several years, this provision has been approved only on a temporary basis, and the deduction limit has varied, dropping from $500,000 from 2010-2014 to $25,000 for 2015.  America’s Small Business Tax Relief Act would make the $500,000 level permanent, with the deduction phasing out after investments exceed $2 million. Making the deduction and amount permanent is aimed at giving businesses more predictability, allowing them to plan and fully take advantage of the relief and maximize their investment into their operations. The bill also simplifies the process for a small business to move from a C Corporation to an S corporation so their earnings are taxed once, not twice. 

Small businesses create nearly three out of every four jobs in the U.S.

“I’m pleased to advance this tax relief that can help small businesses from Vancouver, to Centralia, to Raymond, and everywhere in-between. These manufacturers, stores and shops know best how to maximize their dollars to grow and succeed, so let’s allow them to keep more of their money,” said Jaime. “It is the hard work and innovation of small businesses that allow them to create a majority of the jobs in this country – so let’s give them as much certainty as possible.”

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