NFIB/NY Urges Congressional Reps to Pass Tax Relief Bill Thursday

The National Federation of Independent Business (NFIB), representing 11,000 small business owners in New York, today urged its congressional delegation to support a tax-relief bill that garnered strong bipartisan support in the past and which would be a shot in the arm for small businesses in a rough economy.

“This is an extremely high priority for New York small businesses and farmers and we think that our congressional representatives should make it their priority to pass,” said NFIB State Director Mike Durant.

The bill, HR 4457, also known as the Small Business Tax Relief Act, would allow small business owners to deduct the full cost of up to $500,000 in new machinery, vehicles and other capital assets in the same year they make the investments.  That’s a major change from the current system, under which businesses can deduct only $25,000 in new equipment.  For investments above that level, small businesses can only deduct a portion of the depreciated value each year.

“Those reforms would allow small business owners to recoup more of their investments and to do so much sooner than the current system allows,” said Durant.  “It would create an immediate incentive for small businesses to invest in themselves, grow and create jobs.”

It would also simplify the tax filing requirements for small business owners who would no longer have to repeat the same exercise every year possibly for a decade or more.

“Most New York small businesses don’t have in-house tax experts and consultants to help them navigate the system and the paperwork,” said Durant.  “So there’s an immediate tax benefit that also reduces for small business owners the cost and time required for tax preparation, filing and compliance.”

NFIB has listed the bill among its key votes for this session.  It will be part of the scorecard, in other words, and according to Durant the state’s congressional delegation should give it bipartisan support.

“There’s a real chance for permanent, bipartisan tax relief in this Congress, and it’s this bill,” said Durant.  “Our members are very strongly urging their congressional representatives to vote for this measure on Thursday.”

Click here to read about NFIB’s position on the bill.  To learn more about NFIB, please visit www.nfib.com.

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About Mike Durant

Mike Durant was named New York State Director of NFIB in May 2011. Prior to joining NFIB as the Assistant State Director in May 2010, Durant began his career in the New York Senate working in the Office of Member Services. From there, he served in a number of positions during former New York Governor George E. Pataki’s administration. As a Research Specialist in the New York State Office of Demographic Policy, Mike was responsible for drafting a redistricting proposal for Governor Pataki. In addition, Mike served as a Research Specialist for the Empire State Development Corporation, as well as the Associate Commissioner of Human Resource Management with the New York Department of Labor. Durant also spent four years working at the Questar III BOCES as a specialist focusing on the complex formulas that drive aid to school districts across the state while also taking a lead role in the state legislative/budget process as it related to education policy. These past positions have given Mike a deep understanding of the complex political economics of the State of New York. Active in the community, Durant has served on a number of boards in both the village of Ballston Spa and Town of Milton. Durant received his bachelor’s degree from Siena College in Loudonville, New York and resides in Ballston Spa with his wife and two children.
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