Weber Times

Congressman Blake Moore's Small Business Growth Act has been included in the tax framework put forth by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden. This package is currently being marked up in the House Ways and Means Committee.

The Small Business Growth Act aims to support small business growth and help small businesses acquire the necessary equipment to build their operations and support their workforce. The bill increases the cap on tax deductions for business investments under Section 179, allowing small businesses to purchase essential equipment.

"I am thrilled that my bill to support small businesses is included in this critical tax package," said Congressman Moore. "The Small Business Growth Act will allow small businesses to purchase essential equipment by increasing the cap on tax deductions for business investments under Section 179."

The passage of the Tax Cuts and Jobs Act of 2017 resulted in a rise in real median household income by $5,000 and a 4.9 percent increase in real wage growth, the fastest two-year growth in real wages in 20 years. However, three critical tax provisions supporting job creators and workers have expired since then. Congressman Moore believes that successful small businesses are vital to a successful economy and is eager to pass this package that will bolster good-paying jobs and strong wage growth for workers.

Currently, Section 179 of the Internal Revenue Code allows small businesses to deduct the full purchase price of qualifying equipment. The Small Business Growth Act, included in the tax framework, will lift the deduction cap to $1.29 million, an increase above the $1 million enacted in the 2017 Tax Cuts and Jobs Act. This measure will reduce tax bills for business owners who are working hard to purchase equipment and allow funds to go towards 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," the Congressman added.

The Small Business Growth Act has already passed the House Ways and Means Committee in June of 2023, and its inclusion in the bipartisan and bicameral tax framework signifies its importance in supporting small businesses and fostering economic growth.

For more information about the Small Business Growth Act, visit [link].

To learn more about the bipartisan and bicameral tax framework, visit [link].