Rep. John Hall, D-N.Y., has proposed a new bill that would allow the Small Business Administration to offer its own loans to small businesses and increase tax deductions for small businesses.
Hall announced the legislation on Monday, according to the Mid-Hudson News. One of the provisions of the bill, known as the Helping Small Businesses Start and Grow Act, would give the SBA the ability to offer low-interest loans of as much as $1.5 million in the next two years.
Hall also wants to boost the tax deduction for business startups from $5,000 to $50,000, make it easier for home-based businesses to file their taxes, let small businesses deduct up to 80 percent of business-related meals and entertainment-related expenses, and provide small businesses with an immediate 50 percent bonus depreciation write-off.
Separately, Hall also recently introduced another bill late last month that would amend the Tax Code to deny a deduction for image advertising expenses for any trade or business with gross receipts exceeding $100 million. Companies would only be able to deduct the expenses incurred for advertising services and products.
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