“Rep. Frank Kratovil of Maryland, a Democrat, and Rep. Chris Lee of
New York, a Republican, proposed amending IRS code to allow new
businesses to write off more of their operating costs.
The bill, the grandly named Small Business Formation and Job
Creation Act, would raise the start-up business deduction to $20,000
from $5,000,” reports the Wall Street Journal.
Apparently the administration’s recent efforts to get banks to increase lending to small businesses has met with criticism because startups rarely get their initial funding from banks. The article concludes, “Start-ups, the argument goes, are the engine for the country’s growth.”
If you agree, contact your U.S. Representative. Let the Congress know this is important.