U.S. Sen. Kirsten Gillibrand recently stumped for a bill that would reinstate a half-dozen tax benefits for small businesses that expired at the beginning of 2012.
Gillibrand spoke July 6 at Global Recycling in Newburgh, highlighting the impact small and women-owned businesses have on the economy.
The Small Business Tax Extenders Act is a bipartisan bill that would provide incentives for those looking to invest in small business stock, increase deductions for initial expenses and continue certain tax credits for small businesses.
“When we provide the tools that small business leaders need, we can ignite a real economic engine,” Gillibrand said.
The bill was introduced in January by Republican Sen. Olympia Snowe of Maine and is co-sponsored by Gillibrand, a Democrat, among others.
Gillibrand was pushing for it to be included as an amendment to the Small Business Jobs and Tax Relief Act, which the Senate appeared close to vote on as of July 11, a spokeswoman said.
Included in the Small Business Tax Extenders Act are:
- A 100 percent tax exclusion for small business capital gains, eligible for stock held at least five years in businesses with gross assets of less than $50 million;
- A measure would extend the increased deduction for start-up expenses from $5,000 to $10,000;
- An expensing measure allowing small businesses to write off up to $500,000 in tangible property;
- A provision allowing self-employed individuals to continue deducting their health insurance premiums from their Social Security and Medicare taxes;
- A provision allowing businesses to continue to carry back general business credits for up to five years; and
- An extension of the provision allowing small businesses to apply general business credits against the business Alternative Minimum Tax.
