Kim Reynolds: “I am not so sure my colleague has read the whole bill, though I realize it has just been on the Web site a short time.…”

“I am not so sure my colleague has read the whole bill, though I realize it has just been on the Web site a short time. But as I listened to some of his description, he did not really talk about the fact that small business, that this bill extends and enhances section 179 of expensing for 2 additional years so small businesses can write off the cost of their investments up to $100,000 annually. I have been a small businessman. I know how big debt is. Maybe some others that have not had that opportunity do not really know how important that is to small business. Partnerships and S corporations receive a deduction for domestic production activities. It offers S corporations 10 reforms providing $1.2 billion in tax relief. It provides for faster depreciation on leasehold and restaurant improvements. I come from some communities that they do not have chains in there. That is a small businessman on Main Street that is looking for a little expensing, an opportunity to have their building and a leasehold written off a little faster. Sometimes it gets lost in my great State of New York, the number one industry is agriculture like it is in many of my colleagues', but the deduction for domestic production activities is extended to farmers as well as to agricultural and horticultural cooperatives. The bill provides for AMT relief for farmers and fishermen who income average.”