Friday, January 29, 2016
Dan Danner, president and CEO of the National Federation of Independent Business (NFIB), is thanking Senate Majority Leader Mitch McConnell (R-Ky.) and Sens. Ron Johnson (R-Wis.) and Susan Collins (R-Maine) for boosting support for a tax extenders legislative package that made permanent small business expensing in the tax code. Known as Section 179, it allows small businesses to deduct from their annual tax obligations up to $500,000 for the cost of new equipment, machinery, technology, and other capital upgrades.
“This is a genuinely great day for small business,” Danner said. “Permanent expensing will encourage American small businesses to invest in their own competitiveness. That will ripple through the economy in the form of higher growth and more jobs. The small business community thanks every member of the House and Senate, and especially congressional leaders, who voted with small business when it counted most.”
Danner noted that making the provision permanent had been one of NFIB’s top priorities for years, and that he was grateful to McConnell, Johnson, and Collins for their strong support. “Small businesses, the life-blood of America’s economy, need certainty to plan, invest, compete, and grow,” added McConnell. “After years of short-term fixes, we’ve come together to end that cycle of uncertainty by making critical small business tax relief like Section 179 expensing permanent—a key to helping get our economy moving again.”
According to NFIB, permanent small business expensing will increase economic output by nearly $19 billion and create almost 200,000 jobs over the next 10 years. NFIB members sent more than 10,000 letters and emails to their respective members of Congress urging them to support the measure. “The status quo, which required small businesses to wait until the end of the year to see if Congress would extend 179 and then scramble to make big financial decisions in a few days, was no longer acceptable,” said Danner. “Every member of Congress who supports small business needs to understand that this is real, lasting tax relief.”
“This is a genuinely great day for small business,” Danner said. “Permanent expensing will encourage American small businesses to invest in their own competitiveness. That will ripple through the economy in the form of higher growth and more jobs. The small business community thanks every member of the House and Senate, and especially congressional leaders, who voted with small business when it counted most.”
Danner noted that making the provision permanent had been one of NFIB’s top priorities for years, and that he was grateful to McConnell, Johnson, and Collins for their strong support. “Small businesses, the life-blood of America’s economy, need certainty to plan, invest, compete, and grow,” added McConnell. “After years of short-term fixes, we’ve come together to end that cycle of uncertainty by making critical small business tax relief like Section 179 expensing permanent—a key to helping get our economy moving again.”
According to NFIB, permanent small business expensing will increase economic output by nearly $19 billion and create almost 200,000 jobs over the next 10 years. NFIB members sent more than 10,000 letters and emails to their respective members of Congress urging them to support the measure. “The status quo, which required small businesses to wait until the end of the year to see if Congress would extend 179 and then scramble to make big financial decisions in a few days, was no longer acceptable,” said Danner. “Every member of Congress who supports small business needs to understand that this is real, lasting tax relief.”
