Weber Times

WASHINGTON – The House Ways and Means Committee considered and passed an economic package of tax reform bills to strengthen our economy and provide relief to American families and businesses. 

Included in the package was Congressman Moore’s Small Business Growth Act, which was rolled into H.R. 3937, the Small Business Jobs Act. Congressman Moore’s legislation will support small business growth and help small businesses attain the equipment necessary to build their operations and support their workforce. 

Currently, Section 179 of the Internal Revenue Code allows small businesses to deduct the full purchase price of qualifying equipment. Under the 2017 Tax Cuts and Jobs Act, the deduction cap was lifted to $1 million from $500,000, which helped small business get the equipment they needed to expand their operations. The Small Business Growth Act will build on this success by lifting the deduction cap to $2.5 million with a phase-out threshold of $3.5 million. This measure will reduce tax bills for business owners who are working hard to purchase equipment—including farming equipment, office furniture, manufacturing tools, machinery, commercial vehicles, and more—and allow funds to go toward employee salaries, materials, and other critical business expenditures. In an increasingly competitive global marketplace, this legislation seeks to boost innovation, workforce development, and economic growth.

“I am grateful my Small Business Growth Act is included in the Ways and Means Committee’s economic package,” said Congressman Blake Moore. “This bill will help America’s small businesses attain the equipment they need to grow and support their workforce by increasing the deduction cap. Small businesses are essential to our economy, and it is incumbent on Congress to do all we can to provide support and resources to the businesses that keep America’s economy dynamic and competitive. I thank Chairman Smith for supporting this bill and including it in the Ways and Means Committee’s package aimed at bolstering small businesses across the nation.” 

“Main Street has struggled in the Biden economy. We’ve heard directly from small businesses during our hearings around the country about the real challenges they face today,” said Chairman of the House Ways and Means Committee Jason Smith. “Their testimony exposed the painful reality that the economy under President Biden is harming small businesses. To help strengthen small businesses forced to navigate price spikes, worker shortages, and supply chain failures, the Ways and Means Committee is putting forward the Small Business Jobs Act, with solutions that cut IRS red tape, expand jobs and investment, and support rural communities."

View Congressman Moore’s remarks in committee on this legislation here. 

In addition to support from Representatives Adrian Smith (NE-03), Mike Kelly (PA-16), Drew Ferguson (GA-03), David Kustoff (TN-08), Brian Fitzpatrick (PA-01), Claudia Tenney (NY-24), Michelle Fischbach (MN-07), Michelle Steel (CA-45), and Randy Feenstra (IA-04), the bill is supported by the following Utah and national groups:

Utah Farm Bureau Federation, Utah Retail Merchants Association, Utah Restaurant Association, Utah Tourism Industry Association, New Car Dealers of Utah, Associated General Contractors of Utah, Utah Bankers Association, Utah Trucking Association, Utah Food Industry Association, NABIP-UT, Utah Association of Home Builders, Box Elder Chamber of Commerce, Cache Valley Chamber of Commerce, Park City Chamber of Commerce, Salt Lake Chamber, Ogden Weber Chamber of Commerce, Bear Lake Chamber of Commerce, Utah Credit Union Association, National Restaurant Association, NFIB: Small Business Association, Associated General Contractors of America, American Hotel & Lodging Association, Associated Builders and Contractors, National Roofing Contractors Association, American Mold Builders Association, Forging Industry Association, National Tooling and Machining Association, North American Die Casting Association, Precision Machined Products Association, Utah Association of CPAs, National Wooden Pallet and Container Association, Asian American Hotel Owners Association, Industrial Fasteners Institute, and Precision Metalforming Association.

The bill text can be found here.

Background:

The House Ways and Means Committee considered and passed four measures to support families and jobs as part of the Small Business Jobs Act:

• H.R. 4004, the U.S.-Taiwan Initiative on the 21st–Century Trade First Agreement Implementation Act: Implements a trade agreement between the United States and Taiwan that will strengthen the diplomatic and economic ties between the two nations and affirms Congress’s role in approving of trade agreements. Lean more here.
• H.R. 3936, the Tax Cuts for Working Families Act: Provides relief to Americans by creating a bonus deduction to help individual and joint filers keep more of their hard-earned dollars. Lean more here.
• H.R. 3937, the Small Business Jobs Act: Includes several wins for Main Street businesses across the country, including expanding the Opportunity Zone program to rural areas, creating more current tax incentives for investors in startups, streamlining IRS reporting requirements for small businesses, and more. Learn more here.
• H.R. 3938, the Build It in America Act: Grows our economy by restoring tax programs that bolster American competitiveness. Learn more here.

Original source can be found here.