Congresswoman Shea-Porter Seeks Tax Deduction for Startup Businesses
Recently, Congresswoman Carol Shea-Porter (D-NH) introduced a bill that would increase tax deductions for new small businesses.
The Reward and Encourage (RENEW) Business Act (H.R. 3861) seeks to increase the tax deduction available to new businesses for start-up expenditures, from the current $5,000 to $10,000. Congresswoman Ann Kuster (D-NH) has aided Congresswoman Shea-Porter’s efforts by cosponsoring this bill. This is not the first time Rep. Shea-Porter has asked for this type of deduction. In 2008, the Congresswoman introduced a version of this tax deduction bill, the Small Business Start-Up Support Act (H.R. 7236). A version of this bill was included in separate legislation that was eventually signed into law in 2010. That provision has since expired.
“Small and new businesses are critical to our economic success. They drive job creation, stimulate local economies, and provide employment for members of our communities” said Congresswoman Shea-Porter.
Congresswoman Shea-Porter also sent a letter to President Obama encouraging him to include this tax deduction in his fiscal year 2015 budget. The New England Council thanks Congresswomen Shea-Porter and Kuster for their continued advocacy work on behalf of New Hampshire and New England.
For more information and the letter that the Congresswoman sent, read more in this Press Release.