Working Families Tax Cuts Help Small Businesses Grow

Washington, D.C.-- This tax filing season, small businesses have certainty from the Working Families Tax Cuts’ permanent pro-growth provisions to fund much-needed equipment and facilities upgrades and increase worker pay. In addition to making the 20 percent small business deduction permanent and increasing Section 179 expensing to help small businesses make capital investments, the law allows full expensing for domestic research and development, new factories and new machinery and equipment. It also permanently enhances the Opportunity Zone program and incentivizes investment in rural areas, providing additional support to entrepreneurs building up developing communities. “One of our top priorities in crafting the Working Families Tax Cuts was making our pro-growth policy permanent so business owners would have the certainty they need to invest in expanding their operations,” said Crapo . “Those efforts are bearing fruit, and workers, job creators and consumers are all benefitting as a result.” What they are saying: “These types of jobs are essential for rural America. That’s exactly why the New Markets Tax Credit exists, to really entice a company like Pipeline Plastics to view Idaho as a viable option, and to provide job opportunities that otherwise wouldn’t come to reality.” – Cade Jones, Gary D. Jones Construction, Rupert, Idaho “We have increased wages across the board by 10 percent and purchased over fifty thousand in new equipment for our businesses. We are also giving our employees a profit-sharing bonus this year.” – Rodney, Wideman Pools, Missouri Other examples of small business expansions and pay increases thanks to pro-growth policies in the Working Families Tax Cuts: Hundreds of new jobs and a new facility at a industrial machine manufacturer in Iowa New machining facility for a manufacturing firm in Pennsylvania Pay raises and new vehicles for a tool supplier in Michigan Workforce expansion and new equipment for a gymnastics studio in Missouri New equipment for a machine shop in North Carolina New equipment for auto repair shops in New Jersey and California New machinery for a gear manufacturer in Indiana New facility for a machine shop in New York Click HERE to learn more about how the Working Families Tax Cuts support small business expansion. Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.