Weber Times

The House of Representatives has passed a significant bipartisan tax package that includes Congressman Blake Moore's Small Business Growth Act. The Tax Relief for American Families and Workers Act, which encompasses Moore's bill, has been hailed as a major victory for families, small businesses, and taxpayers across the nation.

In a statement, Congressman Blake Moore expressed his enthusiasm for the bill, saying, "This bipartisan, bicameral tax package is a major win for families, small businesses, and taxpayers across the country. The bill’s pro-growth, pro-family policies enhance our competitiveness with China, support small businesses in Utah and across the country, combat fraud by ending a major COVID spending program, and help families struggling with inflated prices."

Moore specifically highlighted the inclusion of his Small Business Growth Act in the package. He explained, "I am thrilled this package includes my Small Business Growth Act which will allow small businesses to purchase essential equipment by increasing the cap on tax deductions for business investments under Section 179."

The Small Business Growth Act aims to lift the deduction cap to $1.29 million, surpassing the $1 million cap established in the 2017 Tax Cuts and Jobs Act. This increase will benefit business owners who are investing in equipment such as farming equipment, office furniture, manufacturing tools, machinery, and commercial vehicles. By reducing tax bills, this measure enables businesses to allocate more funds towards employee salaries, materials, and other critical expenditures.

The legislation is seen as a means to boost innovation, workforce development, and economic growth in an increasingly competitive global marketplace. It passed the House Ways and Means Committee in June of 2023.

Congressman Moore commended House Ways and Means Committee Chairman Jason Smith and Senate Finance Chairman Ron Wyden for their diligent work on the tax package. He now urges his Senate colleagues to swiftly pass this legislation, providing much-needed economic relief to American families and businesses.

The Tax Relief for American Families and Workers Act is expected to have a significant impact on various sectors of the economy, supporting small businesses and addressing the challenges faced by families and taxpayers. More information about the bill can be found here.

With the House's passage of this critical bipartisan tax package, the focus now shifts to the Senate, where it is hoped that swift action will be taken to provide the necessary economic relief to Americans nationwide.