American Innovation Act of 2018 Approved for House Vote
Government
SRQ DAILY MONDAY BUSINESS EDITION
MONDAY SEP 17, 2018 |
Congressman Vern Buchanan has announced that his bill, American Innovation Act of 2018 (H.R. 6756), intended to make it easier and less costly for an entrepreneur to start a new business, was approved this past Thursday by the House Ways and Means Committee. The full House will vote on the measure later this month. The bill, which passed committee in a bipartisan voice vote, would quadruple the amount of start-up costs small business owners can deduct from their federal income taxes, raising it from $5,000 to $20,000. The measure has the support of the Florida Chamber of Commerce and the National Federation of Independent Business. Only around 50 percent of new small businesses survive past their first five years, according to the Small Business Administration.
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