Small Business Tax Relief
Small businesses are the economic engines that provide jobs and keep the economy humming. Helping them helps the people they hire throughout Utah. Matheson supported the Small Business Tax Relief Act, which includes several tax provisions aimed at small businesses. The bipartisan bill extends 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 through 2008 the Work Opportunity Tax Credit provided to businesses that hire certain disadvantaged workers such as veterans and certain high-risk youth. Overall, the legislation offers a $1.3 billion package of small-business tax breaks to strengthen both employers and employees and bolster economic growth.
Peru Free Trade Agreement
Open markets help grow the U.S. economy and support America's commitment to peacefully engaging with the world. Matheson supported the U.S.-Peru Trade Promotion Agreement as a tool to boost Utah's economy and help relations with a democratic ally in a challenging region of the world. America's markets are already open to Peru. This trade promotion agreement will eliminate tariffs--some as high as 30 percent--on American exports and will open Peru's markets to Utah goods, food and services. Utah's economy benefited from $7.6 million in exports to Peru in 2006. With the free trade agreement in place, Utah industries in key areas, including machinery manufacturers, processed foods and computer and electronic products are expected to increase 30-50 percent. The Peru trade agreement strikes a good balance between traditional market-opening measures and strong labor and environmental standards. All eight living former Secretaries of State urged approval of the legislation.