Congressman Blake Moore (R-Utah) released the following statement on House passage of the Tax Relief for American Families and Workers Act, which included his Small Business Growth Act:
“This bipartisan, bicameral tax package is a major win for families, small businesses, and taxpayers across the country,” said Congressman Blake Moore. “The bill’s pro-growth, pro-family policies enhance our competitiveness with China, support small businesses in Utah and across the country, combat fraud by ending a major COVID spending program, and help families struggling with inflated prices. I am thrilled this package includes my Small Business Growth Act which will allow small business to purchase essential equipment by increasing the cap on tax deductions for business investments under Section 179. I commend House Ways and Means Committee Chairman Jason Smith and Senate Finance Chairman Ron Wyden for their diligent work on this package, and I urge my Senate colleagues to swiftly pass this legislation and bring economic relief to America’s families and businesses.”
Background on the Small Business Growth Act:
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 Tax Relief for American Families and Workers Act here.
