Peters Breaks with Party to Support Investment in Michigan Small Businesses

Press Release

Today, U.S. Representative Gary Peters (MI-14) once again broke with his party by casting a bipartisan and independent vote for H.R. 4457, America's Small Business Tax Relief Act of 2014, which helps small business owners invest in and grow their businesses. The bill passed the House of Representatives by a vote of 272 to 144.

"Michigan small businesses are the heart of our economy and our middle class, and we need to make sure they have the flexibility they need to maximize their investments and continue to grow," said Rep. Peters. "By extending small business expensing, Michigan's small firms ranging from manufacturers to farms will be able to invest in new technology and equipment to build their businesses. This is a common-sense tool that invests in Michigan small business owners so they can focus on what's important - creating jobs, hiring new employees and meeting the needs of their customers. We need to make sure that political score-keeping does not interfere with the needs of Michigan small businesses and our middle class."

The legislation permanently extends small business expensing, also known as Section 179 expensing, from $25,000 to $500,000 to encourage small business owners to reinvest in their businesses, fueling economic growth and job creation. Small business expensing allows business owners to immediately deduct the cost of a qualified investment in the same year that it is purchased, which helps defray the cost of new equipment and other expenses.

Peters is an outspoken champion for domestic manufacturing and job creation in Michigan. He is co-chair of the Congressional Caucus on Innovation and Entrepreneurship and has helped create two successful small business programs, the State Small Business Credit Initiative (SSBCI) and the Small Business Lending Fund (SBLF), which have been credited with helping to leverage millions in private investment, spurring small business growth and creating thousands of jobs in Michigan. He also recently supported a measure to strengthen the U.S. research and development tax credit to encourage economic growth by helping small businesses make investments and new hires.

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