Congressman Moore’s Small Business Growth Act Included in Bipartisan, Bicameral Tax Framework
WASHINGTON—Congressman Blake Moore’s Small Business Growth Act has been included in the tax framework put forth by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden. This package is being marked up today in the House Ways and Means Committee. The Small Business Growth Act will support small business growth and help small businesses attain the equipment necessary to build their operations and support their workforce.
“I am thrilled that my bill to support small businesses is included in this critical tax package. The Small Business Growth Act will allow small businesses to purchase essential equipment by increasing the cap on tax deductions for business investments under Section 179,” said Congressman Moore. “Following the passage of the Tax Cuts and Jobs Act of 2017, real median household income rose by $5,000 and real wage growth increased 4.9 percent, the fastest two-year growth in real wages in 20 years. However, since then, three critical tax provisions that support job creators and workers have expired. We know that successful small businesses create a successful economy, and I am eager to get this package that will bolster good-paying jobs and strong wage growth for workers over the finish line.”
Currently, Section 179 of the Internal Revenue Code allows small businesses to deduct the full purchase price of qualifying equipment. Within this package, the Small Business Growth Act will lift the deduction cap to $1.29 million, an increase above the $1 million enacted in the 2017 Tax Cuts and Jobs Act. This measure will reduce tax bills for business owners who are working hard to purchase equipment—including farming equipment, office furniture, manufacturing tools, machinery, commercial vehicles, and more—and allow funds to go toward employee salaries, materials, and other critical business expenditures. In an increasingly competitive global marketplace, this legislation seeks to boost innovation, workforce development, and economic growth. The Small Business Growth Act passed the House Ways and Means Committee in June of 2023.
Learn more about the Small Business Growth Act here.
Learn more about the bipartisan and bicameral tax framework here.
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