CARSON CITY, Nev., Dec. 17, 2015—The state director for Nevada’s largest and leading small-business association today thanked the state’s entire U.S. House delegation for giving Main Street entrepreneurs the best news they’ve had in years, and called on the U.S. Senate to follow through.
“One component in particular is a huge victory for small business in today’s vote
for the federal budget deal, and that is making Section 179 expensing permanent, instead of year to year,” said Randi Thompson, Nevada state director for the National Federation of Independent Business, America’s largest small-business association with 350,000 members nationwide, including nearly 2,000 in Nevada.
“Section 179 expensing doesn’t command a lot of media glamour, but its centrality to sound economies and job-creation cannot be overstated,” said Thompson. “It would give small-business owners — those No. 1 generators of jobs — something they always plead for with every tax, regulation and rule: Predictability.”
Should reform of Section 179 of the IRS Tax Code become law, it would allow small businesses to expense up to $500,000 per year for big investments, such as machinery, equipment, technology and other capital upgrades. Without congressional action, the provision would expire at the end of this month, as it has every year for the past several years. Although Congress has voted consistently to extend it, the annual waiting game plays havoc on small-business finances and gums up their biggest financial decisions.
“Permanent expensing will allow small businesses to plan out their most important financial decisions,” said NFIB President and CEO Dan Danner. “The tax benefit encourages small businesses to invest in their own growth, and the permanency allows them to plan those investments instead of having to wait on Congress every year. This will be a big victory for small-business owners and its effects will ripple through the economy in the form of more investments, more business-to-business activity and more jobs.”
Thompson thanked U.S. Reps. Dina Titus, Mark Amodei, Cresent Hardy and Joe Heck for their votes in helping push permanent Section 179 expensing closer to reality and said the should do the same. “What Nevada’s congressional delegation did today was show that there is a time for campaigning and a time for governing. The bipartisan passage of permanent Section 179 expensing was a great victory for governance.”
For more than 70 years, the National Federation of Independent Business has been the Voice of Small Business, taking the message from Main Street to the halls of Congress and all 50 state legislatures. NFIB annually surveys its members on state and federal issues vital to their survival as America’s economic engine and biggest creator of jobs. NFIB’s educational mission is to remind policymakers that small businesses are not smaller versions of bigger businesses; they have very different challenges and priorities.
National Federation of Independent Business/Nevada
140 Washington St. #150
Reno, NV 89503