WASHINGTON -- U.S. Rep. Vern Buchanan, R-FL, today announced the introduction of bipartisan legislation that would make it easier and less costly for an entrepreneur to start a new business.
Buchanan’s “Support our Start-Ups Act” (H.R. 2524) would quadruple the amount of start-up costs small business owners can deduct from their federal income taxes, raising it from $5,000 to $20,000.
The Florida Chamber of Commerce and the National Federation of Independent Business (NFIB) immediately endorsed Buchanan's proposal.
"At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs,” said Buchanan, a senior member of the tax-writing House Ways and Means Committee. “This bipartisan, common-sense bill will make it easier and less costly for hard-working Americans to realize their dream of starting a business.”
The Support our Start-Ups Act currently has 16 bipartisan co-sponsors including Rep. Alcee Hastings (D-FL), Rep. Patrick Murphy (D-FL), Rep. Mario Diaz-Balart (R-FL), Rep. Charles Rangel (D-NY), Rep. Linda T. Sanchez (D-CA), Rep. Earl Blumenauer (D-OR), Rep. Robert Dold (R-IL), Rep. Mike Kelly (R-PA), Rep. Ron Kind (D-WI), Rep. Richard Neal (D-MA), Rep. Bill Pascrell (D-NJ), Rep. Tom Reed (R-NY), Rep. Jim Renacci (R-OH), Rep. Mike Thompson (D-CA), Rep. Patrick Tiberi (R-OH) and Rep. Todd Young (R-IN).