By Kristen Daum
North Dakota Republican Rep. Rick Berg says bipartisan legislation he introduced in Congress would reduce the tax burden on small businesses.
Berg recently proposed the Small Business Tax Simplification Act, which eliminates a "barrier requirement" by allowing businesses with as much as $10 million in gross receipts to choose which form of accounting they use.
"This is going to help America grow by simplifying the tax accounting system that small businesses use," Berg said Monday.
Berg said the legislation aims to keep small businesses focused on growth and job creation.
"We don't want them to have to stop and retool and change their accounting system," Berg said. "We want to have them keep growing."
Giddings said Berg's legislation would most directly affect manufacturers, wholesale businesses and retail businesses.
Berg said the bill should be revenue-neutral, which means it shouldn't cost taxpayers any money.
As of Monday, the Small Business Tax Simplification Act had six co-sponsors: four Republicans and two Democrats.