Federal budget deal makes it easier for Arizona small businesses

Arizona business experts have praised a recent federal budget deal that offers tax cuts to small businesses. The bill, announced by Speaker Paul Ryan (R-Wis.) and which has bipartisan backing and support, is nearly 2009 pages long and has built into it under a Section 179 provision that businesses can claim expenses up to $500,000 for new investment in "heavy machinery, office equipment, computer technology" and other expensive items required for daily operations.

"Arizona small businesses not only wholeheartedly support the passage of the new  permanent and indexed federal expensing provisions, we will make full conformity of our state's tax code to the new Section 179 standard a top priority during the upcoming legislative session," said Farrell Quinlan, the Arizona state director of the National Federation of Independent Business, America's largest and leading small-business association. The NFIB has made it their goal to preserve the tax cuts for businesses that temporarily were on the books during the Bush administration. Without the extension, the tax benefit could have dropped to only $25,000. 

"This is easily the most positive thing Congress has done for small business in the past several years, and it will ripple through the economy in the form of new investments and more jobs," said NFIB President and CEO Dan Danner. "The tax benefit encourages businesses to make big investments and the permanency creates predictability. Our research predicts that we'll see hundreds of thousands of new jobs as a result."

Starting your own business in 2016? Contact The Law Offices of Donald W. Hudspeth, P.C. It would be a pleasure to offer you the legal advice you need to get your enterprise off the ground. 

Categorised in: Arizona LLCs, Business Law

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