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Public Statements

Patrick Murphy Votes For Small Business Tax Cuts

Press Release

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Date:
Location: Washington, DC

Today, Pennsylvania Congressman Patrick Murphy (D-8th District) hailed the passage of H.R. 4849, the Small Business and Infrastructure Jobs Tax Act of 2010. This legislation will cut taxes for small business owners and assist entrepreneurs in managing start-up costs associated with creating new small businesses. Rep. Murphy has championed small business tax cuts for the approximately 60,000 small businesses in Bucks, recognizing that small businesses in the 8th District and across the country are the drivers of economic growth and job creation as our economy continues to recover.

Two of the most important provisions in the legislation increase the deduction for start-up expenditures, and eliminate the tax on small business capital gains, which will encourage investment. Specifically, the Small Business and Infrastructure Jobs Tax Act includes provisions which:

* Quadruple the deduction for start-up expenditures. For taxable years beginning in 2010 or 2011, the bill would increase the limit on the tax deduction for trade or business start-up expenditures from $5,000 to $20,000, and increase the threshold amount for reducing such limit to $75,000.
* Exclude 100% of small business capital gains. Currently, small business owners can get a 50% exclusion for gain from the sale of certain small business stock held for more than five years. The Small Business and Infrastructure Jobs Tax Act would temporarily increase the amount of the exclusion to 100% for qualifying stock acquired after March 15, 2010 and before January 1, 2012- eliminating the capital gains tax on investments in small business.

In addition, Murphy was a proud supporter of the HIRE Act, signed into law by President Obama just last week. This legislation included important incentives for hiring and retaining new employees. The bill exempts employers from paying the employer share of Social Security employment taxes for wages paid in 2010 for any new employee hired after February 3, 2010 and before January 1, 2011 if the new employee was previously unemployed, and does not replace another employee. To encourage employers to retain these new employees, the bill would provide employers with a $1,000 income tax credit for every new employee that they continue to employ for 52 weeks.

"I'm proud to support these tax cuts that will help the 60,000 small businesses in Bucks County create jobs and rebuild our economy," said Rep. Patrick Murphy.


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