WASHINGTON – Rep. Paul Cook (R – Apple Valley) voted for two bills that will foster small businesses growth, H.R. 4457, the America’s Small Business Tax Relief Act of 2014, and H.R. 4453, the Permanent S Corporation Built-In Gains Recognition Period Act of 2014. Both bills adjust the tax code to ease the tax burden on America’s small businesses.
The America’s Small Business Tax Relief Act will help small businesses by allowing them to deduct investments in new equipment and property in the year they are purchased. This mitigates the effects of a crippling corporate tax rate that pushes them to move jobs overseas. The S Corporation Permanent Tax Relief Act helps businesses by synchronizing the tax code to correspond with a standard five-year business plan. Both measures bring much needed certainty to small and medium sized businesses, allowing them to focus on creating jobs and re-energizing the economy.
Cook said, “The best thing Washington can do to promote prosperity is to get out of the way. Providing assurance that taxes won’t change allows businesses to grow and hire. Every dollar businesses send to Washington is one dollar they can’t use to invest in equipment, hire a new employee, or increase wages.
“Pro-growth policies like this are the best way to build an America that works. For people outside of Washington who are risking everything to pursue their dream of running a small business, common sense policies like these are a necessity. Entrepreneurship is a core American value, and it is essential that we do all we can to encourage prosperity.”
A member of the House Veterans’ Affairs, Armed Services, and Foreign Affairs Committees, Cook served in the U.S. Marine Corps.