At the invitation of Congressman Steve Chabot (R-Cincinnati), Mr. Tom Shepherd of Cincinnati gave testimony before the House Small Business Committee on the importance of continuing certain tax incentives and simplifying the tax code for small businesses. Mr. Shepherd is the Chairman and CEO of Norwood based Shepherd Chemical Company, a fourth generation family-owned business with over 400 total employees.
"I encourage the Committee to endorse the continuation and strengthening of the Research and Experimentation Tax Credit," said Shepherd, who serves on the Executive Committee of the American Chemistry Council and chairs its Small Business Council. "Small businesses are one of America's greatest assets; they are the American Dream, the primary source of new jobs in America, and the creator of our strong middle class."
The House Small Business Committee called today's hearing to examine numerous tax provisions affecting small businesses that expired at the end of 2007 and others that will expire in 2008. Among those tax incentives are the research and experimentation tax credit, the 15-year leasehold improvements depreciation, energy tax credits and the News Markets Tax Credits program, which encourages private investment in economically challenged areas.
"Tax relief is absolutely critical to small businesses, particularly in times of economic uncertainty," said Congressman Chabot, who serves as the Ranking Member of the House Small Business Committee. "These tax credits are vital for small firms to grow and create the jobs that help to strengthen our economy, develop new technologies and create the capital to invest back into local communities."