Lowey calls for tax credit, 100 percent expensing

U.S. Rep. Nita Lowey called on Congress to pass President Obama”™s proposals aimed at boosting small business hiring while touring Captain Lawrence Brewing Co. in Elmsford yesterday.

She highlighted the president”™s proposals to extend 100 percent expensing for small businesses through the end of 2012 and to pass a 10 percent tax credit for small businesses that hire or raise wages.

“Frankly, many businesses want to expand and hire people ”“ they just need some help,” Lowey, a Democrat from Harrison, said.

Extending 100 percent expensing would allow businesses to immediately deduct the full cost of qualified capital investments and equipment purchases made through the end of this year.

Lowey said the measure has been widely supported by those small business owners she has spoken with.

“They all agree this will help jump-start our economy and encourage businesses to hire,” she said.

Scott Vaccaro, founder of Captain Lawrence Brewing, said 100 percent expensing and other incentives enabled him to move to a larger facility, which opened earlier this year and has allowed the brewery to quadruple its output.

“It was through federal and state incentives that allowed us to not only take out a loan big enough to get us to this point but also to allow us to secure that financing at a very reasonable rate, and that has allowed us to grow and add jobs,” Vaccaro said.