By Jessica Hill
Las Vegas Review-Journal
(TNS)
Sen. Jacky Rosen introduced legislation today that would increase startup tax deductions when starting a new business.
The Nevada Democrat, alongside Senate Committee on Small Business and Entrepreneurship Chair Jeanne Shaheen, D-New Hampshire, and Sen. Tammy Baldwin, D- Wisconsin, introduced the Tax Relief for New Businesses Act, which would increase the startup tax deduction from $5,000 to $50,000.
The bill will allow businesses to write off more expenses to compensate for the increasing cost of starting a business, according to Rosen’s office. Small business owners can only deduct up to $5,000 in startup costs the first year, though a survey from Shopify found business owners spend an average of $40,000 to get their businesses started.
“This is a common sense step to make this tax deduction practical and helpful for startups, and I’ll keep working to support Nevada’s entrepreneurs and small business owners,” said Rosen, who is a member of the Committee on Small Business and Entrepreneurship, in a statement.
The bill is supported by some business organizations, including the Reno + Sparks Chamber of Commerce, the Main Street Alliance and the Center for American Entrepreneurship.
“The Reno + Sparks Chamber of Commerce is enthusiastic about Senator Rosen’s bill, that if passed, would open doors to hundreds of entrepreneurs who dream of developing and owning a small business in our community,” said Ann Silver in a statement. “The Tax Relief for New Business Act would stimulate commerce and enable our small business economy to be determined by those with the grit and determination to be successful.”
_______
©2024 Las Vegas Review-Journal. Visit reviewjournal.com. Distributed by Tribune Content Agency LLC.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Small Business, Taxes
