WASHINGTON, Dec. 16, 2015 /PRNewswire-USNewswire/ -- The National Small Business Association (NSBA) applauds Senate and House tax negotiators for their work in offering a historic tax extenders agreement, the Protecting Americans from Tax Hikes (PATH) Act of 2015 that would, among other things, permanently increase expensing limits under Section 179.
Below is a statement from NSBA President and CEO Todd McCracken.
"There is no single item in the tax code more crucial to incentivizing small business investment than Section 179 expensing. But for years, small-business owners' ability to plan for these investments has been held hostage by a dysfunctional Congress that has time and again failed to address these critical tax provisions in a timely or long-term manner, forcing many to hold off on growing their business.
"The importance of this agreement to small business is significant and something NSBA has been urging for years. I congratulate Congressional negotiators for striking this very important growth-oriented agreement.
"While there are many positive tax changes in this compromise that will help small firms plan better, according to NSBA's 2015 Small Business Taxation Survey, the most commonly-used small-business tax deduction or credit is Section 179 Expensing, and one-in-ten small firms utilize the R&E credit. There is no question that, in addition to easing complexity, this bill will help spur small-business growth, investment and innovation.
"Today, more small businesses cite administrative burdens as their number one issue with the federal tax code than do the actual financial cost. A major factor in the growing complexity is various sunsets, expiring, and extended tax laws passed by Congress.
"Infusing permanency into one of the most highly-used small-business tax benefits is a critical step forward in easing tax complexity. I strongly urge all lawmakers to support this bill."
Celebrating more than 75 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.
SOURCE National Small Business Association