Murphy Introduces Bipartisan Bill to Support Small Manufacturers

Press Release

Today, U.S. Representatives Patrick E. Murphy (D-FL) and David Joyce (R-OH) introduced the Small Business Investment Act to help small businesses grow and generate new jobs. One of the key policy tools available to Congress to help small businesses afford equipment upgrades and continue to grow is the accelerated depreciation deduction, which last month was reduced from a maximum deduction of $500,000 to only $25,000. This bill would keep the maximum deduction at $500,000 through 2015. Joining Congressman Murphy and Joyce in introducing this bill are Reps. Tony Cárdenas (D-CA), Matt Cartwright (D-PA), Steve Chabot (R-OH), Ann Kuster (D-NH), Bill Owens (D-NY), Eric Swalwell (D-CA), Scott Tipton (R-CO), and Juan Vargas (D-CA).

"Small businesses create two out of every three new jobs, but they also are most vulnerable to downturns in a fragile economy. Congress must focus on creating a pro-growth environment where small businesses can thrive and generate more jobs for a faster recovery," said Rep. Murphy. "By extending this important deduction, small businesses will be provided with stability and predictability in the tax code allowing them to remain at the forefront of their industries by investing in new technologies and infrastructure while our nation continues to recover from the recession."

"American manufacturing generates around 12% of our Gross Domestic Product and my district is home to many manufacturers, so it's very important to me that we're doing what we can to help small and medium size businesses and manufacturers grow and thrive," said Rep. Joyce.

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