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House Passes Small Business Tax Cut
Washington, D.C – U.S. Representative Glenn 'GT' Thompson today voted to support H.R. 9, the Small Business Tax Cut Act, a bill to provide a one-year, 20 percent tax deduction for companies with fewer than 500 employees. The measure passed the U.S. House of Representatives by a vote of 235-173.
“Passage of the Small Business Tax Cut Act will go a long way in easing the tax and regulatory burden that’s been piled on the backs of our jobs creators,” said Thompson. “If a business wants to hire or add a new product line, this bill offers that incentive and makes that expansion a possibility.”
“Broader and more comprehensive tax reform is needed to instill a level of certainty and facilitate the type of environment that will promote a stronger economy,” Thompson added. “With any hope, the President and Senate Democrats will begin working with Republicans to find common ground, as we did on the recently-signed JOBs Act, and another commonsense action geared towards immediate economic relief.”
On March 8, 2012, Thompson voted to support H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act, legislation to help expand private capital investment in small businesses by removing certain regulations impeding small businesses and startups. The measure passed the Senate on March 22, 2012 and was signed into law on April 5, 2012.