Florida Chamber of Commerce Backs Buchanan Jobs Bill
Only 1 in 5 Small Businesses Survive Past First Year
WASHINGTON — Congressman Vern Buchanan announced today that the Florida Chamber of Commerce has endorsed his bill to make it easier and less costly for an entrepreneur to start a new business.
Buchanan’s Support Our Start-Ups Act would quadruple the amount of start-up costs small business owners can deduct from their federal income taxes, raising it from $5,000 to $20,000.
David Hart, executive vice president of the Florida Chamber of Commerce, noted that “in Florida alone, there are more than two million small businesses, which create two out of three jobs in Florida. The Support Our Start-Ups Act removes some of the initial barriers to creating a business, putting money back in the pocket of our state’s best job creators – setting start-ups on a path toward success.”
Only around 20 percent of new small businesses survive past their first year, according to the Bureau of Labor Statistics. The Support Our Start-Ups Act can help businesses stay afloat and grow by making it significantly less costly to start a new business.
“At a time when millions of Americans are unable to find good-paying jobs, the government should be doing all it can to encourage entrepreneurs to create jobs,” said Buchanan, a senior member of the tax-writing House Ways and Means Committee. “I want to make it easier and less costly for hard-working Americans to realize their dream of starting a business.”
Buchanan, a self-made businessman himself, said that he knows firsthand how costly starting a new business can be. Before even opening their doors, entrepreneurs may pay for legal and consulting fees, marketing research, recruiting expenses, and office supplies. A longstanding principle of tax law prohibits deducting these costs until the business commences – and the maximum deduction is limited to $5,000.
Buchanan has long been a widely respected leader in Florida’s business community. During his 40-year career in business, he chaired both the Florida Chamber of Commerce and the Sarasota Chamber of Commerce. He was also a member of the Board of the U.S. Chamber, and in 2005 he was inducted into the Tampa Bay Business Hall of Fame.