House decides small business tax breaks should continue
While Governor Scott is focused on making Florida a more attractive location for businesses, the House of Representatives has made a temporary tax break for small businesses a permanent fixture. The Wall Street Journal reports that the break allows business owners to write off the costs of computers, equipment and improvements to retail property more quickly.
The bill's main sponsor was Rep. Pat Tiberi of Ohio, who explained the legislation is intended to add more certainty to tax codes for small businesses.
"My bill provides predictability by making permanent a small business expensing measure that's been part of the tax code in some form since the 1950s," Tiberi told Inc.com.
According to the source, the bill allows businesses to immediately write off up to $500,000 in capital expenses, instead of waiting several years to take the deductions. Prior to the decision, businesses were only allowed to write off $125,000 on select equipment.
The final vote for the measure was 272-144, with the opposition arguing that the bill would add $73 billion to the budget deficit over the next 10 years.
The Wall Street Journal also notes that two smaller tax breaks were also passed, which are aimed at making it easier for small businesses to deduct charitable donations.
For businesses looking to take advantage of the new tax breaks, the economic climate in Tampa continues to improve, and makes a great location for any size company. On Point Executive Center is prepared to make the transition as simple and as cost effective as possible, with Tampa office space for rent as well as virtual office services that allow your organization to establish efficient communication and coordination from anywhere.