Whew! Finally…Tax Relief for Small Business Owners

The following was posted on the NFIB feed today. This is great news especially for Illinois Small Business owners who are the highest taxed businesses in the country.

One step at a time people!

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NFIB Applauds U.S. House Passage of Small Business Expensing

Small business owners are one step closer to a bit of much-needed tax relief. On Friday, February 13, the U.S. House passed America’s Small Business Tax Relief Act of 2015, which makes small business expensing levels permanent at $500,000 and allows adjustment for inflation. Expensing helps alleviate two top concerns for small business owners: reducing tax complexity and improving cash flow. The NFIB Research Foundation estimates that a permanent expansion of small business expensing could add 200,000 jobs and boost U.S. real output by as much as $18.6 billion over a 10-year window. NFIB applauds the House action and urges the Senate and President to pass this legislation now.

 

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