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Jump Start for Job Creators

Statement

By:
Date:
Location: Washington, DC

Last week, I introduced bipartisan legislation called the Jump Start for Job Creators Act. Small businesses are responsible for two-thirds of the nation's annual job growth. Yet today, many are sitting on the sidelines. In fact, new business startups have slowed to their lowest level in nearly a generation. Under current law, the maximum deduction for small business start-up expenses is limited to $5,000 if the total start-up expenses are less than $50,000. What I want to do is allow start-ups to expense their deductions up front at a higher rate. My bill will increase the maximum deduction to $20,000 over a longer period of time, and increase the ceiling for start-up expenses to $75,000


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