Congressman Robert Hurt (R-Virginia) released the following statement after voting in favor of H.R. 636, America’s Small Business Tax Relief Act, which would make permanent several tax provisions, including one that allows small businesses and family farms to expense certain investments in new equipment and property each year.
“Our Main Street businesses and family farms are the backbone of our local economies and are essential to providing the jobs and economic growth Virginia’s Fifth District needs. In recent years, small businesses have generated almost two-thirds of new jobs, but unfortunately, Washington’s complex and outdated tax code continues to stifle small businesses’ ability to grow their operations and create much-needed jobs. By permanently allowing small businesses and family farms to deduct up front the costs of purchasing new equipment and property expenses each year, these vital job creators will be relieved from some of their tax compliance costs, which are far higher than those of big businesses, and they will be able to invest back into their businesses.
“We must continue to free our Main Street businesses and family farms from government-created obstacles to economic growth, and I remain committed to advancing policies that will spur job creation and economic recovery. I was pleased to see this commonsense legislation pass the House with bipartisan support, and I urge our colleagues in the Senate to continue working with us to encourage success for our small businesses and family farms so that they can create jobs and generate opportunity and prosperity for our communities.”
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