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House Suggests Bigger Tax Break For Start-ups
Just a few days after President Obama announced a stimulus plan for small businesses, more breaks might be in the works.
Rep. Frank Kratovil of Maryland, a Democrat, and Rep. Chris Lee of New York, a Republican, proposed amending IRS code to allow new businesses to write off more of their operating costs.
The bill, the grandly named Small Business Formation and Job Creation Act, would raise the start-up business deduction to $20,000 from $5,000.
The National Federation of Independent Business threw its support behind the bill, saying the legislation provides incentives for risk takers.
“Most new small businesses face significant start-up costs, including advertising, obtaining licenses, permits and fees, paying rent, hiring business and financial consultants and providing employee training,” said Susan Eckerly, senior vice president of federal public policy at the NFIB. “This increase in the start-up deduction allowance for new businesses will help new firms survive the challenging and often expensive first year of business.”
Photo by cliff1066.
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GoEverywhere Team on March 23rd, 2009 11:22 am
That is probably the best idea that I have heard so far in all this “Economic Recovery” talk.
The first year is certainly a killer, and I can see some breaks like this going a long way in beginning to awaken the entrepreneurial spirit in more and more people…or maybe just removing roadblocks to allow that spirit to actually come out.
Thanks for the post.
Business Opportunity on March 23rd, 2009 3:08 pm
This is great news!
Megan from ACCCE on March 24th, 2009 11:33 am
Businesses face the additional burden of rising energy costs.
According to Economy.com’s 2008 North American Business Cost Review, energy costs are second only to labor costs in determining the viability of a business in a given location. That’s why we see states with low-cost energy attracting manufacturing jobs (like Kentucky, for instance). Other states like California and those in New England have among the highest costs of electricity and have lost industry.
Coal provides electricity at one-third the cost of other fuels. Coal’s role in our energy mix is an important one, as communities with affordable energy will be in a better position to attract and sustain business.
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