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Peters Casts Bipartisan Vote to Support Michigan Small Businesses and Veterans

Press Release

Date: Dec. 3, 2014
Location: Washington, DC
Issues: Taxes

Today, U.S. Representative Gary Peters (MI-14) cast a bipartisan vote in favor of H.R. 5711, the Tax Increase Prevention Act, which retroactively extends for one year dozens of important tax provisions to help business and families that expired at the end of 2013. The bill passed the House of Representatives by a vote of 378 to 46.

"Michigan's small businesses are engine of our economic growth, but they need certainty to create jobs and grow our middle class," said Rep. Peters. "Many of these provisions are commonsense measures that help small businesses make critical investments and hire new workers. Extending these commonsense tax provisions will help small businesses continue to grow while Congress works toward comprehensive tax reform that will simplify the tax code for Michigan middle class families and businesses."

The legislation includes a one-year retroactive extension of the active military reservists tax credit. Rep. Peters is a strong supporter of this provision, which helps small businesses provide differential pay to their military reserve employees when they are called up for active duty. He previously introduced a bipartisan bill calling for a five-year extension of the active military reservists tax credit.

The bill also retroactively extends important provisions like Section 179 small business expensing and the research and development tax credit that support small businesses as they fuel economic growth and job creation.

Peters is an outspoken champion for small businesses, 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.


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