America's Small Business Tax Relief Act of 2014

Floor Speech

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Mr. YOUNG of Indiana. Mr. Speaker, I rise today in support of H.R. 4457, America's Small Business Tax Relief Act.

I want to thank my colleague, Pat Tiberi, for his hard work on this initiative, which is vital to the small businesses and farmers across my district.

I would be remiss if I didn't respond to the last speaker's comments, the distinguished gentleman from Maryland who, with a straight face, indicated that this card, his card, was a vehicle for fiscal responsibility when, consistently he has confused this card with this card, a credit card.

We have continued to rack up debts, over and over again, and we have not engaged in growth-oriented public policy, and that is what this bill is intended to do.

This bill increases the amount a small business taxpayer may immediately deduct when she buys operating materials for her business.

The ability of small businesses to immediately deduct the cost of qualified investment in the year purchased, rather than having to recover the cost through depreciation over several years, has been essential to the survival of thousands of firms over the past decade.

Higher expensing limits will encourage businesses to invest in new computers, tractors, and other types of business equipment and grow.

Such investment will have, of course, important second-order effects--economists tell us this--on the economy as these purchases are magnified throughout the nation.

The version of section 179 we are considering today expired at the end of 2012, and since then, back home I have heard from a parade of constituents, businessowners and workers alike, about the need to restore the provision.

I have heard from Indiana NFIB, Indiana Chamber of Commerce, Indiana Manufacturers Association, Indiana Farm Bureau, and countless individual businesses and workers, and I am glad we are working in the House, hopefully on a bipartisan basis, to help unleash the ability of our Nation's small businesses to grow.

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Mr. YOUNG of Indiana. These small businesses are the engine of American job creation. They create roughly three out of five American jobs that have been created over recent years. And one critical means of supporting American small businesses and working Americans is through business tax incentives like section 179.

This is a proven success. It has proven itself over the last several years. And it is evident that these small businesses are one bright spot of job creation, personal opportunity, and upward mobility during these troubled times.

I support this commonsensical bill that is going to help small businesses grow and restore a measure of hope and opportunity to rank-and-file Americans during these troubled times.

I would like to thank Chairman Tiberi for his important work in offering this legislation.

I would ask my colleagues on the other side of the aisle to reconsider their partisan reservations to supporting this measure.

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