Bi-partisan measure will rush tax relief to Colorado’s job creators
Washington, DC – July 13, 2009 – (RealEstateRama) — Congresswoman Betsy Markey today introduced the Small Business Growth Act, which will cut taxes for small businesses by allowing them to deduct up to $125,000 in real property from their federal income taxes. Co-sponsoring the bill are Congressmen Blaine Luetkemeyer (R-Missouri) and Ron Paul (R-Texas).
“Small businesses are the backbone of America’s economy, and so many of them have been hamstrung by today’s economic crisis,” said Rep. Markey. “The small businesses that are critical to rebuilding and re-growing our economy are the ones that are hurting most. My bill will let small businesses do what they do best: pull themselves up without a handout or a bailout. Cutting taxes here will keep more money in the hands of small businesses and encourage investment, stimulate expansion and create jobs.”
“Allowing small business owners to deduct expenses for upgrading or expanding their facilities will encourage small business owners to make these types of investments, promoting economic growth nationwide,” said Susan Eckerly, NFIB senior vice president, federal public policy. “NFIB thanks Rep. Markey for sponsoring this legislation and recognizing that tax breaks such as this one will help small business owners expand their businesses. We look forward to working with Rep. Markey to get this bill signed into law.”
Currently, small businesses can deduct expenses for new computers or office furniture but they cannot take the deduction to renovate their property to be more energy efficient, add space, or purchase new heating and cooling systems. The Small Business Growth Act will permit businesses to invest, expand their facilities, hire more employees, or purchase a qualifying piece of equipment to increase production. The bill targets small businesses with gross receipts of less than $5 million for the past three years
