- By Marion Read
- Business & Technology
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"I am honored, as a member of the distinguished Rules Committee, to manage the rule for consideration of such an important piece of legislation that will provide $1.3 billion dollars of tax relief for our nation's small business owners," Arcuri said. "Small businesses are the back bone of our economy, providing jobs and services in our communities. But by passing this bill today we not only help small businesses and family farms, we move forward to raise the minimum wage for millions of Americans who need it most. Ten years is too long for any hard-working American to wait for a wage increase."
Fellow New Yorker and Chairwoman of the House Rules Committee, Louise Slaughter (D-Rochester) made the following remarks supporting the Small Business Tax Relief Act. "Small businesses are the heart of both Western and Central New York's economy. When national tax and trade policies knocked our region to its knees, our small businesses built it up again, and have worked tirelessly to grow and provide good-paying jobs. The bipartisan tax package passed by the House of Representatives today will give relief to the businesses that need and deserve it most."
The Small Business Tax Relief Act would provide for a total of $1.3 billion in tax relief for small businesses. H.R. 976 would:
- Extend and expand expensing options for one year - helping small businesses invest in new equipment
- Increase the amount small businesses can deduct from their taxes and the number of small businesses that can take these deductions
- Extend by one year the Work Opportunity Tax Credit (WOTC) which provides incentives to employers to hire individuals that frequently experience barriers to work and expand it to cover disabled veterans
- Allow businesses to continue claiming the full Social Security tip credit despite any increase in the federal minimum wage
- Ensure that both spouses who jointly own an unincorporated business, often family run small farms, receive credit for paying Social Security and Medicare taxes
Passage of the Small Business Tax Relief Act is a key step towards finalizing an increase in the federal minimum wage. The Senate has passed a minimum wage bill that includes small business tax breaks, and H.R. 976 will enable the conference committee to craft legislation to raise the federal minimum wage that will pass both the House and Senate.
H.R. 976 also meets pay-as-you-go budget requirements.
As a member of the House Rules Committee, Arcuri was a sponsor of H.R. 161, the rule for consideration of H.R. 976. This is the first time Arcuri has had the opportunity to manage a floor debate - a unique opportunity for a Freshman Representative.
H.R. 976 passed overwhelmingly by a bipartisan margin.
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