Shimkus Supports Tax Relief Bill
Congressman John Shimkus (R, Illinois-15) supported bipartisan tax relief today that would permanently extend the Section 179 expensing option for small businesses and farmers.
"The annual, last minute decision by Congress to extend a slew of expiring tax provisions that millions of job-creators rely on creates an unnecessary amount of economic uncertainty," Shimkus said. "By permanently extending the Section 179 expensing provision, small businesses and farmers will be able to invest in new equipment or property with the confidence that they'll be able to write off up to $500,000 of the cost on their tax returns."
This legislation "provides an incentive for farmers to invest in their operations through the purchase of such capital items like tractors, combines, drainage tile, grain bins, and buildings," said the Illinois Farm Bureau in a letter supporting the bill. "The provision allows farmers to better manage their cash flow and helps support jobs."
The America's Small Business Tax Relief Act is supported by over 170 organizations, including the National Association of Manufacturers, National Association of Home Builders, National Federation of Independent Business, and U. S. Chamber of Commerce.