Today, U.S. Congressman Mike Ross, D-Prescott voted for H.R. 9, the Small Business Tax Cut Act, which passed the U.S. House of Representatives. This legislation must now be considered by the Senate.
"Small businesses are the backbone and engines of the American economy. They employ about half of all U.S. workers and create 60 to 80 percent of new jobs each year in the United States," said Ross. "This legislation will help America's small businesses continue to lead our economic recovery by cutting taxes and allowing them to keep more of their profits to reinvest in their businesses and hire more workers."
H.R. 9, the Small Business Tax Cut Act, will provide tax relief to small businesses with less than 500 employees by allowing them to deduct 20 percent of their business income from their total taxable income. This one-time tax break will encourage hiring by companies by allowing them to keep more of their profits.
"We must do all we can to get our economy back on track and put more Americans back to work," said Ross. "By providing relief to our nation's small businesses, this legislation will help us create more private-sector jobs in America -- right here and right now."