Political Quotes

“the bill offered by Senator Collins today is intended to simplify the tax rules for small businesses as they purchase new equipment to sustain and expand their businesses. I am pleased to be the lead co-sponsor on this important small business legislation. The bill parallels the amendment that Senator Collins and I offered to the economic-stimulus legislation considered on the floor in January and makes the increase in the expensing limits permanent. The Bond- Collins amendment was approved by the Senate by a vote of 90-2. While some may think that small business is not that important, let's be clear about the role they play in our economy. Small business: represents 99 percent of all employers; employs 51 percent of the private-sector workforce; provides about 75 percent of the net new jobs; contributes 51 percent of the private-sector output; and represents 96 percent of all exporters of goods. In short, size is the only 'small' aspect of small business. Our bill would permit small businesses to expense their new equipment purchases up to $40,000. The current annual limit is $24,000. The bill also increases the limitation on the total amount of property that a small business can place in service during a year before triggering a phase-out of the annual expensing amount. Under the amendment, a business would be able to claim the full $40,000 in expensing if it purchased no more than $325,000 of property during the year.”