Berthoud Recorder Staff
U.S. Rep. Betsy Markey recently introduced the Small Business Growth Act, which would allow small businesses to deduct up to $125,000 in real property from their federal income taxes. Co-sponsoring the bill are U.S. Reps. Blaine Luetkemeyer (R-Missouri) and Ron Paul (R-Texas).
Markey hopes cutting taxes for small businesses will create an incentive for jobs and investment, and jumpstart business growth.
Currently, small businesses can deduct expenses for new computers or office furniture, but not for expansion or staffing. The Small Business Growth Act would permit businesses to invest, expand their facilities, hire more employees or purchase qualifying equipment to increase production. The bill targets small businesses with gross receipts of less than $5 million for the past three years.