As millions of Americans rush to file their taxes today, Illinois small business owners can also look forward to lower taxes and greater opportunities throughout this year thanks to recently passed provisions in the HIRE Act (HR 2847) that were written by Halvorson and signed into law to provide businesses incentives to grow by lowering their tax burden.
"Our small businesses are the backbone of our economy, and if we expect them to help put our economy back on track and create jobs, we need to help them grow," said Halvorson. "As a small business owner myself, I understand the needs of owners who simply want to grow and create jobs. That is why I introduced provisions that will allow small businesses to expand capital investments and create new jobs in the HIRE Act. The entrepreneurial spirit that makes our country great is strong in our district, and I will continue to foster it by fighting for lower taxes for our small businesses so they can get back to the work of making our communities a better place to live and creating jobs."
Halvorson's language in the HIRE Act extends until 2010 provisions from the American Recovery and Reinvestment Act that allow small businesses to immediately deduct up to $250,000 in capital investments and new equipment purchases, providing direct incentives to grow and create new jobs.
Also included in the HIRE Act are provisions to provide direct investment in infrastructure development by replenishing the Highway Trust Fund, which would prevent delays in future transportation projects.
As a member of the House Committee on Small Business, Halvorson has fought to empower small businesses through lifting unnecessary tax burdens on small business owners. Halvorson fought for tax credits for small businesses to reduce the burden of health care costs in the health insurance reform law. These tax credits are now available to small businesses, and Halvorson encourages small business owners to contact her office to learn more.
To read more about Congresswoman Halvorson's record of helping small businesses, click here.