Every year the tax provision which eases the worries of both farmer and small business owners regarding big ticket spending has to be re-voted on.
Now the NFIB is working to create a piece of legislation that will allow the permanent annual expense of up to 500 thousand dollars on new investments such as equipment, technology or capital upgrades.
The Missouri State Director of the National Federation of Independent Businesses, Brad Jones stated that on average small business owners and farmers have spent almost 5.5 billion dollars a year on tax compliance.
Jones explains that the real fight has been making expense provisions permanent, instead of requiring they be renewed by congress annually. The NFIB has worked for several years to make Section 179 of the IRS Tax Code a permanent provision. Legislation making Section 179 permanent has recently passed both the House and Senate, and is expected to receive the President’s signature in the next few days.