WASHINGTON, D.C., June 9, 2014 — Today NFIB and 154 business associations delivered a unified message by sending a multi-industry signed letter to the United States House of Representatives calling upon Congress to pass H.R. 4457, the America’s Small Business Tax Relief Act. H.R. 4457 would provide permanent expensing levels that meet small business owners’ needs, reduce uncertainty for planning and streamline recordkeeping. “Historically, small business expensing has been a common-sense, bipartisan policy that has been extended on an ad-hoc basis,” said NFIB Manager of Legislative Affairs Matt Turkstra.“By making this popular and effective tax provision permanent, small businesses can streamline recordkeeping, invest in their business and purchase equipment or other business improvements from their local community. Members of Congress often say they want to help small business – well this is a way to help right now. It is time to make small business expensing permanent.” Small business expensing, known as Section 179 in the tax code, allows small businesses to immediately deduct the full value of equipment in the same year the investment is made, instead of depreciating the investments over time. This simplifies accounting and frees up cash to be reinvested and grow the business. Despite broad bipartisan support, small business expensing fell from $500,000 to $25,000 this year because previous extensions were temporary. H.R. 4457, the America's Small Business Tax Relief Act of 2014, would provide small businesses with expensing levels that are permanent, predictable and at a level adequate to their needs.
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