WASHINGTON – Today Senator John Kerry (D-Mass.) praised the Senate Finance Committee’s inclusion of small business tax incentives in the economic stimulus package. Kerry introduced a bill last week to increase small business expensing for 2008 and to increase the net operating loss carry back period. The Finance Committee is scheduled to vote on the package Wednesday afternoon.
“These targeted tax incentives will improve cash flow for small firms, which is critical for creating jobs and stimulating our economy, and help small businesses invest,” said Kerry, Chairman of the Committee on Small Business and Entrepreneurship. “I applaud Senator Max Baucus for including these provisions which have bipartisan support and look forward to working with my colleagues on the Finance Committee to finalize the economic stimulus package and get this much-needed assistance out to families and businesses as quickly as possible.”
Kerry’s bill, S. 2553, will increase the amount small businesses can write off their taxes for new investments this year from $125,000 to $200,000 and will allow small firms a longer carry back period for net operating losses – increasing it from two to five years.