Rep. Jim Renacci (OH-16) today released the below statement after voting in favor of H.R. 4457, the America’s Small Business Tax Relief Act. This legislation will provide stability and predictability for small businesses, leading to their growth and expansion by making permanent small business expensing outlined in Section 179 of the tax code.
“As a CPA and former business owner for nearly 30 years, I know just how devastating a lack of certainty can be for a small businesses’ financial outlook. By making Section 179 in our tax code permanent, we provide small businesses, which are responsible for 66 percent of all new jobs, the certainty that they need to hire and expand.
“Since joining the Ways & Means Committee, I have advocated for a fairer, simpler tax code that will create thousands of new jobs and reduce the burden on hardworking Ohio families. The complexity of our tax code, combined with the numerous temporary provisions, drives nearly nine out of ten small businesses to rely on outside tax preparers. Even worse, the threat of these temporary provisions expiring makes it nearly impossible for businesses to plan for the future. Instead of burying our small businesses in paperwork and driving up their compliance costs, we should be doing everything we can to make it easier for them to do what they do best: create jobs.
“Small businesses are the backbone of our economy in Ohio. This legislation allows them to continue creating the jobs that we need in order to jumpstart our economic recovery at home. I was proud to support America’s Small Business Tax Relief Act, and was pleased to see it receive bipartisan support.”