Legislation Would Make Permanent Deduction For Startups
Washington, D.C., February 15, 2012 – The House has introduced another piece of legislation for future self-employed individuals. The Help Entrepreneurs Create American Jobs Act of 2012 (H.R.4032) makes permanent the deduction for startups at $10,000. If left to expire, the deduction reduces to $5,000.
“We applaud Representatives Johnson (D-Ga.) for introducing this important tax deduction for those Americans looking to become self-employed, said NASE Director of Government Affairs Katie Vlietstra. “The permanent deduction, allows for individuals to plan prudently their entry into self-employment and not feel rushed to start their own business before a looming end of a vital tax benefit. We look forward to supporting this effort and recommend swift passage.”
A measure extending this startup benefit was also introduced in the Senate. Stay tuned to the NASE’s weekly e-newsletter, Washington Watch, for updates.