Posted by Kristin Oberlander - Since my last post, folks on Capitol Hill have introduced some great legislation for small and micro-businesses:
The Equity for Our Nation's Self-Employed Act (HR 1470), introduced in the House of Representatives by Reps. Ron Kind (D-Wis.), Wally Herger (R-Calif.), Suzanne M. Kosmas (D-Fla.) and David G. Reichert (R-Wash.), would eliminate an inequity in the tax code that inhibits the self-employed from receiving a full deduction for health insurance costs. Click here for more detail on the NASE’s position.
Legislation introduced last week by Congressmen John M. McHugh (R- N.Y.) and Kurt Schrader (D-OR) would make it easier for home businesses to deduct office expenses by offering a $1,500 standard deduction to eligible taxpayers. The Home Office Deduction Simplification Act (HR 1509) would also require that the amount be indexed for inflation.
Both of these bills are promising legislation and I’d venture to say that they have a reasonable chance of being approved. And why is that? Well, they involve small and simple changes to the tax code that will help A LOT (millions and millions) of people. In a town where important reform packages often fall victim to partisan sniping, little tweaks to the tax code and quantifiable results say a lot.
To read into the specifics of each bill, visit the “mother of all legislative search engines,” THOMAS at the Library of Congress.
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