Legislation intended to encourage small business investment was passed by the U.S. House. While the vote fell largely along partisan lines, Southwest Florida business leaders say the bill could encourage economic growth as the region recovers from a recession and should earn bipartisan support.

America’s Small Business Tax Relief Act of 2015 now awaits Senate approval before it can head to the president’s desk. The bill, passed by the house in a 272-142 vote, would make permanent increased limitations on the amount of business investment that can be deducted from taxes. Up to $500,000 in investment in property and infrastructure for a business would remain deductible if the bill becomes law. "This bill helps provide small businesses with the tax certainty they need to prosper and create jobs,” said Rep. Vern Buchanan, R-Sarasota, who voted in favor of the legislation. “Small businesses will now be able to better plan for the future because they know what their taxes will be from one year to the next. We must continue to embrace common-sense policies that grow the economy and move our country forward."  

The Congressional Budget Office estimates the bill could reduce revenues by about $77 billion over the next 10 years. A House vote on the bill was largely partisan, with 239 Republicans and 33 Democrats in favor and with 141 Democrats and one Republican opposed. The bill now goes before a Republican-controlled Senate; legislation passed by both Chambers would go to President Obama’s desk for signature.

Kevin Cooper, vice president for Public Policy and Sarasota Tomorrow Initiatives for The Greater Sarasota Chamber of Commerce, remains optimistic about the bill going forward. “Investment is something we all want businesses to do,” Cooper said. “This is not padding one person’s bottom line. This incentivizes businesses to do something that otherwise are not able to do, and that has a demonstrable positive impact.”