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Public Statements

Small Business Tax Relief Act of 2007

By:
Date:
Location: Washington, DC


SMALL BUSINESS TAX RELIEF ACT OF 2007

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Mr. NEAL of Massachusetts. Mr. Speaker, I think we've done a good job of balancing small business tax incentives with an increase in the minimum wage.

Both workers and employers come out winners. And because the bill is revenue neutral, the taxpayer also wins.

The bill provides a few billion dollars of tax relief in the first few years while businesses are absorbing the minimum wage increase.

These tax benefits include a 1-year extension of the WOTC, Work Opportunity Tax Credit, which is a credit for employers who hire the hard-to-employ.

Eligible workers include those from low-income communities, or those on public assistance, or veterans who simply need a boost in getting back into the workforce.

Our bipartisan bill also doubles the WOTC credit for hiring veterans with service-connected disabilities.

The bill also increases and extends the small business expensing allowance so that small business owners can write-off capital expenditures.

A small business owner buying equipment or new computers can immediately recoup the cost, rather than depreciating the asset over several years.

And the bill allows businesses to continue to take a full ``tip credit' for their tipped workers. Otherwise, with the increase in the minimum wage, these business owners would lose a significant amount of the tip credit right away.

I applaud the work of Chairman RANGEL and Mr. MCCRERY who drafted this bipartisan bill. I urge my colleagues to support the bill.

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