Reed votes for Small Business and Farmer Tax Certainty
Today, the House passed the America’s Small Business Tax Relief Act of 2015 to provide much needed tax certainty to Southern Tier and Finger Lakes small businesses and farmers.
Congressman Tom Reed (NY-23) released the following statement:
“Providing tax certainty is only fair to our small businesses and farmers. As the main source of jobs we should ensure every effort to encourage their growth and expansion. We need to take common sense steps to give our job creators more certainty and more control over their own financial situation. Southern Tier and Finger Lakes small businesses and farmers need to know the tax landscape in advance so that they can make investments in equipment and employees. I am proud to support this bill and our local Upstate small businesses and farmers.”
Steve Lounsberry President of Applied Technology Manufacturing Corp. in Owego
“It is very important that Section 179 be part of the tax code, as the provision benefits small business by reducing its tax burden on profits used to invest in new equipment,” said Lounsberry. “New equipment helps small businesses such as our machining operation to be competitive and also create new jobs, and it only rewards businesses that invest in equipment. It is just as important to make Section 179 permanent, so that capital spending decisions, which often involve planning months in advance, can be made with confidence instead of with the hope that an extender bill will be passed by Congress retroactively as has been the case.”
Elizabeth Wolters of the New York Farm Bureau
"Whether it be input cost, weather, or pricing, much of what farmers experience is out of our control," said Dean Norton, President New York Farm Bureau. "Having stability in tax provisions to better plan for capital investments is a big relief in the cyclical nature of farming. New York Farm Bureau appreciates Congressman Reed for his efforts to permanently extend the 2013 level of Section 179 small business expensing limitations. This will help farmers across New York continue to contribute to the economy of our rural communities."
*The small business provision outlined in Section 179 of the tax code allows business owners and farmers to immediately deduct the cost of investments and upgrades in property, equipment and software instead of depreciating those costs over time. For tax years 2010 through 2014, the expensing limit for small businesses was $500,000. That expensing limitation expired at the end of last year, drastically dropping the limit for tax years after 2014 to $25,000. Under the House-passed provision, Section 179 of the tax code would become permanent at the 2014 level, giving small business owners greater opportunities to invest in their businesses.*