WALZ TOUTS SMALL BUSINESS TAX CUTS IN OWATONNA
Washington, Sep 14 - Today, Congressman Tim Walz discussed H.R. 976, the Small Business Tax Relief Act of 2007, in a speech to the Owatonna Chamber of Commerce. The House approved the measure earlier this year with a bipartisan majority before it was ultimately signed in to law by the President.
"Small businesses are the backbone of rural America," Walz said, "And with the expansion of the global marketplace it is important that we do all we can to ensure that American businesses remain competitive."
"Now more than ever," Walz said, "it is important that small businesses are aware of these tax cuts. The relief provided in this legislation can help business owners in southern Minnesota expand their operations, and it may help some of them get back on their feet after last month's floods.
There are only four private employers in Steele County that do not qualify as small businesses under Small Business Administration guidelines. Small business employees account for nearly three fourths of the Steele County labor force.
The H.R. 976 allows business owners to deduct large capital purchases as expenses instead of depreciating them over many years and offers tax incentives for hiring individuals who might otherwise have difficulty finding work, including individuals with disabilities, disabled veterans, or people undergoing vocational rehabilitation.