Asa Hutchinson: “As Congress considers President Bush's comprehensive tax relief plan in the coming weeks, I sincerely hope that we will…”

“As Congress considers President Bush's comprehensive tax relief plan in the coming weeks, I sincerely hope that we will examine ways to make the tax system more equitable to small business. As we look at the economic indicators, it is clear that the economy could use a boost. One way we can do this is to encourage the further growth and success of small businesses, which for decades have been the cornerstone of our growing economy. A proposal I would like my colleagues to seriously consider is the Small Business Tax Relief Act of 2001, which I introduced last week. Small businesses owners generally have restricted cash flow, as well as limited access to credit. Funds are not readily available to invest in new equipment that may be needed to operate the business effectively. Small businesses need to be allowed to expense a significant portion if not all of the costs for new equipment purchases in the year the purchase was made, rather than depreciating it over many years, which frees up necessary capital to make necessary investments and improvements.”