Washington, D.C. - In their ongoing effort to grow the economy and make it easier for employers to hire additional workers, U.S. Senators Bob Casey (D-PA) and Susan Collins (R-ME) today spoke on the Senate floor urging Senate leaders to advance bipartisan legislation that would allow small businesses to plan for capital investments that are vital to expansion and job creation. Specifically, Senators Casey and Collins are urging leadership to bring the Small Business Tax Certainty and Growth Act, which they authored and introduced in June, to the floor for consideration. Their bill would not only help small businesses plan for investments, but it would also lower the expenses associated with starting a new business and reduce administrative burdens placed on small businesses.
“This is a commonsense proposal that will increase certainty for businesses, increase economic activity and increase the pace of job creation,” Senator Casey said. “Our legislation contains ideas that both parties have supported in the past. Passing this bill will bring the focus back to jobs and allow members of both parties to come together to grow the economy.”
“As American families continue to struggle to get the jobs they need at wages they deserve, it is more important than ever for members on both sides of the aisle to come together on legislation to promote economic growth and job creation,” said Senator Collins. “Putting people to work is my number one priority, and I am pleased to be working with Senator Casey on this bipartisan plan that will help employers around the country grow, succeed, and create good-paying jobs.”
On Wednesday, Senators Casey and Collins sent a letter to Senate leaders on both sides of the aisle urging them to work together to advance this bipartisan legislation, which has received the support of the National Federation of Independent Business, National Restaurant Association, Americans for Tax Reform, National Taxpayers Union, Pennsylvania Chamber of Business and Industry, Maine State Chamber of Commerce, Maine Society of Certified Public Accountants, and the Manufacturers Association of Maine.
Below is the full text of the letter:
Dear Majority Leader Reid and Minority Leader McConnell:
With the national unemployment rate still unacceptably high and American families finding it harder and harder to get ahead, it is time for both parties to come together on legislation to promote economic growth and job creation. While we may sometimes disagree on the best course for accomplishing this goal, there are many areas where both sides do agree. We urge you to focus on the areas where we can find consensus and bring to the floor bipartisan legislation aimed at promoting a thriving economy and the good, high-paying jobs that Americans want and deserve.
Among the areas in which we believe Republicans, Democrats, and Independents all agree is the importance of small businesses – our nation’s job creators – to our economic future. Together we have partnered to develop the bipartisan Small Business Tax Certainty and Growth Act (S. 1085), which would make it easier for small businesses to plan for capital investments that are vital to expansion and job creation. Our bill also makes it less costly to start a new business by doubling the deduction for start-up expenses and reduces the administrative burden on small business owners by allowing more companies to use the less-complex cash method of accounting.
Unfortunately, important provisions of the tax code that small businesses need to grow and add jobs were allowed to expire at the end of last year. Our bill would renew two provisions critical to small business investment and job growth – 50 percent bonus depreciation and 15-year straight-line depreciation for certain property improvements – and would permanently increase a third (Section 179 expensing). These policies are proven to help employers expand their operations and create good jobs. For example, a recent study by the Department of the Treasury’s Office of Tax Analysis concluded that bonus depreciation helped to increase business investment by as much as 31.2 percent between 2008 and 2010.
Washington must do all it can to help get America working again. We urge you to bring to the Senate floor as soon as possible bipartisan legislation, such as our Small Business Tax Certainty and Growth Act, to reenergize our economy by giving small businesses the tools they need to invest, expand, and create good-paying jobs.