Senators Robert Menendez, D-N.J. and Pat Toomey, R-Pa., have introduced bipartisan legislation to help entrepreneurs start and grow a small business and comply with complex tax rules.
The Start Up Jobs and Innovation Act aims to make it easier for businesses to expand by permanently allowing companies to deduct the first $500,000 in equipment purchases. Without this provision, businesses would only be allowed to deduct a small portion of their costs in the first year, with the remaining amount deducted over a period of many years making it more expensive and difficult for a company to grow.
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