WASHINGTON, Dec. 18, 2015 /PRNewswire-USNewswire/ -- Small Business & Entrepreneurship Council (SBE Council) president and CEO Karen Kerrigan congratulated the U.S. Congress for working together on a year-end package that will help small businesses and the economy grow. The Senate approved the House-passed measure today, where it now goes to President Barack Obama for his signature. The package makes permanent and extends critical tax provisions that will provide a boost to small business confidence, and strengthens the environment for risk-taking, investment and entrepreneurship.
"The growth and innovative potential of America's entrepreneurial sector has been held back by temporary and retroactive tax extensions that do not align with how business owners make capital investment decisions. Making permanent the expanded levels of small business expensing and doing the same while vastly improving the R&D tax credit to make it startup-friendly are powerful measures that will fuel investment and confidence. This is a powerful tax package that comes at a critical time for entrepreneurs and our economy. We thank every member of the House and Senate who voted for this package and look forward to President Obama's signature. This package is a terrific Christmas present to America's entrepreneurs and it will have an immediate and positive impact for our economy," said Kerrigan.
The legislation makes permanent expanded levels of small business (Section 179) expensing, as well as a permanent R&D tax credit that can be used by startups and a greater number of small innovative firms. The legislation also provides other important small business provisions, such as: making permanent the shortened 15-year life of qualified retail, restaurant, and retail improvements rather than the 39 year recovery life of these assets, fairness for Subchapter-S corporations, a 100 percent capital gains exclusion for small business start-up, while extending bonus depreciation through 2019.
SBE Council is an advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For twenty-three years, SBE Council has worked to strengthen the ecosystem for starts ups and small business growth. For more information, please visit: www.sbecouncil.org. Follow on Twitter: @SBECouncil.
CONTACT: Karen Kerrigan
SOURCE Small Business & Entrepreneurship Council