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A jump start for small biz

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Steve Strauss
Tuesday, July 07, 2009
If history is any guide, it will be small business that leads the country out of these difficult economic times, and given that, it is nice to see that our own newly elected freshman senator, Jeff Merkley, is trying to help us help you.

Merkley recently introduced into Congress the Small Business Jump Start Act, designed to support small business owners by cutting taxes for the start-up costs of small businesses.

Presently, new businesses are eligible for a $5,000 tax deduction if they spend $50,000 or more on start-up costs. The new legislation proposed by Merkley and co-sponsored by Sen. Lamar Alexander (R-Tenn.) would not only boost the deduction to $10,000, it would also expand eligibility to companies that spend up to $60,000 on getting started.

Says the senator: “One of the best ways we can encourage job growth is to help small businesses through their first year. For the majority of small business owners, the first year is the toughest. New entrepreneurs must hire employees, attract clients, start up administrative systems, and find a suitable facility. By doubling the [tax] deduction for start-up costs, this new legislation will encourage the job growth that will get our economy moving again.”

The Small Business Jump Start Act has support from the United States Chamber of Commerce, the National Federation of Independent Businesses (NFIB), and the National Association for the Self-Employed (NASE).

If you like the legislation, or have other ideas about what Congress can do to help small business, let your Oregon senators know: Jeff Merkley and Ron Wyden.

 

Comments   

 
Rick
0 #1 Jump Start For Small BusinessRick 2009-07-08 12:05:20
Same crap, different day. "Existing" Small Businesses are the ones who need the tax breaks and need government to get off their backs. Look at the TriMet Quarterly Tax. Even if we are losing money, we still get the luxury of paying the most idiotic tax I know of.
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Vaughna
0 #2 Job CreationVaughna 2009-07-08 13:15:18
I'd love to see ALL businesses receive a tax break for those who are able to provide job creation, no matter the size, even if it's only one position at 30 hours weekly. Strategic, steady and consistent Job Creation will pull us out of our current state. Given that 85% of Oregon employers are small business, they could use some help. First time home buying tax credits helped generate corrective housing market activity, but it wasn't enough. Now they're considering extending this credit to all home buyers, makes sense! Why are we not using this same formula to help all employers create jobs? This obviously would start the corrective process and hopefully within a reasonable time frame we might relinquish our #1 national unemployment slot; a list I'm not proud to be on as I'm sure no one else is either. Help us help others. Enable the small business owner's creativity to bring professionals back to work and sustain a staff that can responsibly handle the everyday workload. Many employers cut too deep and are in need of extra help in tax breaks and staff. I'm all for new development, yet I'd like to see us first take care of existing businesses who in turn can also help new businesses.
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