Amendment Would Expand Small Biz Tax Incentives

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via WebCPA

Sen. John Thune, R-S.D., has introduced an amendment to a tax extenders bill that would create and expand small business tax incentives.

The incentives are targeted at helping small businesses invest in new capital and hire workers. Thune, a member of the Senate Committee on Small Business and Entrepreneurship, has proposed redirecting unspent portions of last year’s $862 billion stimulus bill to fully pay for the proposals in his amendment. The amendment is endorsed by the National Federation of Independent Business.

“Small businesses are the economic engines that drive job growth, both in South Dakota and across the country,” Thune said in a statement. “My amendment creates new incentives in the Tax Code and expands existing ones, making it easier for small businesses to purchase new equipment and hire new workers.”

The amendment would create new incentives for small businesses to more easily pay off large expenditures for manufacturing equipment and other physical capital. The amendment would also eliminate capital gains taxes on small business investments and allows for a 20 percent deduction for small business income.

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