Matheson Champions Tax Relief for Small Business

Press Release

Matheson Champions Tax Relief for Small Business

Congressman Jim Matheson said today's passage of a bipartisan $1.3 billion package of small-business tax breaks strengthens both employers and employees and bolsters ongoing economic growth.

"Small businesses are the economic engines that provide jobs and keep the economy humming. Helping them helps the people they hire---throughout Utah," said Matheson.

Matheson advocated for the main components of the bill, during meetings with the House Majority leader and others. The legislation passed by a bipartisan vote of 360 to 45 Friday.

Matheson said the Small Business Tax Relief Act (HR 976) includes several tax provisions aimed at small businesses. The bill extends for a year (through 2010) expensing limits for small business while increasing the amount of money that can be expensed. It also expands the number of companies that are eligible.

It also extends for one year (through 2008) the Work Opportunity Tax Credit provided to businesses that hire certain disadvantaged workers such as veterans and certain high-risk youth. It also expands the eligibility criteria for certain targeted groups.

Matheson said true to the pay-go rules adopted by the House, the legislation includes provisions that would offset the cost of the small-business tax cuts so as not to increase the deficit.

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