Sunshine State News: Vern Buchanan Looks to Boos Startups By Changing Federal Income Tax
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U.S. Rep. Vern Buchanan, R-Fla., showcased a bill on Wednesday to help Americans wanting to launch new businesses.
Buchanan, who sits on the House Budget and Ways and Means Committees, brought out the "Support our Start-Ups Act" back in May. The bill increases the federal income tax deduction for startup costs from $5,000 to $20,000. Buchanan's bill has the backing of the Florida Chamber of Commerce and the National Federation of Independent Business (NFIB) and is now before the Ways and Means Committee.
"At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs," Buchanan said on Wednesday. "This bipartisan, common-sense bill will make it easier and less costly for hard-working Americans to realize their dream of starting a business."
Leaders of the business community explained why they are backing the bill.
"During a time of slow economic recovery, this legislation provides a significant incentive for entrepreneurs to start their own business," said Amanda Austin, the NFIB's vice president of public policy. "By increasing and simplifying the startup cost deduction, small-business owners will be able to put money back into their business sooner, creating greater opportunities for job creation and investment in local economies."
David Hart, the Florida Chamber's executive vice president, praised the bill and said it would help startups in the Sunshine State.
"In Florida alone, there are more than 2 million small businesses, which create two out of three jobs in Florida," Hart noted on Wednesday. "The Support Our Start-Ups Act removes some of the initial barriers to creating a business, putting money back in the pocket of our state's best job creators -- setting startups on a path toward success."
Buchanan has reeled in more than 15 co-sponsors including U.S. Rep. Mario Diaz-Balart, R-Fla., U.S. Rep. Alcee Hastings, D-Fla., and U.S. Rep. Patrick Murphy, D-Fla. There is no Senate version of the bill yet.
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