Congressman Vern Buchanan

Representing the 16th District of Florida

IN THE NEWS: Buchanan Introduces Support Our Start-Ups Act

Jul 21, 2015
Press Release

Buchanan bill boosts tax break for entrepreneurs by $15,000

Starting a new business would become a little easier under legislation sponsored by U.S. Rep. Vern Buchanan, R-Longboat Key, that boosts the federal income tax deduction for business start-up costs from $5,000 to $20,000. "At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs,” Buchanan said in a press release Wednesday announcing the bill.  “This bipartisan, common-sense bill will make it easier and less costly for hard-working Americans to realize their dream of starting a business." Buchanan is no stranger to starting a business.

Sarasota Rep. Vern Buchanan introduces bill to cut taxes on business start-ups

Rep. Vern Buchanan, R-Sarasota, announced Wednesday that he would be sponsoring new legislation aimed at making it less costly for entrepreneurs to start businesses. A release from Buchanan's office said the bill 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." Buchanan, who has gone through the process of starting a small business personally, said before even opening their doors, entrepreneurs may pay for legal and consulting fees, marketing research, recruiting expenses and office supplies. He said a longstanding principle of tax law prohibits deducting these costs until the business commences, and the maximum deduction is limited to $5,000.

Florida Rep. introduces startup act in Congress

There could be some good news on the way for entrepreneurs. U.S. Rep. Vern Buchanan, R-Fla., introduced a bill that would quadruple the amount of costs entrepreneurs could deduct from federal taxes to $20,000. Buchanan said in a news release that the Support Our Startups Act is a way of promoting job growth. At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs," said Buchanan, senior member of the House Ways and Means Committee. "This bipartisan, common-sense bill will make it easier and less costly for hard-working Americans to realize their dream of starting a business." Officials with Florida-based business groups applauded the bill, noting that there are more than 2 million small businesses in the state.

BUCHANAN INTRODUCES BILL TO HELP STARTUPS GET OFF THE GROUND

Republican Rep. Vern Buchanan introduced a bill to raise the amount startups can deduct from their federal income taxes from $5,000 to $20,000. The legislation has 16 bipartisan co-sponsors so far. 'At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs," Buchanan said in a statement. 

Rep. Buchanan Introduces “Support Our Start-ups” Act

U.S. Rep. Vern Buchanan (R-Fla.) announced the “Support our Start-Ups Act” (H.R. 2524), which would quadruple the amount of start-up costs small business owners can deduct from their federal income taxes, from $5,000 to $20,000. The Florida Chamber of Commerce and the National Federation of Independent Business (NFIB) endorsed Buchanan's proposal. More information is available here.

You take the risk, Uncle Sam takes the money

Sometimes the world seems rigged against the dream of starting a small business. U.S. Rep. Vern Buchanan, R-FL, wants to quadruple the amount of start-up costs that small business owners can deduct from their federal income taxes, raising it from $5,000 to $20,000. His “Support our Start-Ups Act” (H.R. 2524) has the support of the Florida Chamber of Commerce and the National Federation of Independent Business. Click here to read more about the bill.

Vern Buchanan Looks to Boost Startups By Changing Federal Income Tax

U.S. Rep. Vern Buchanan, R-Fla., showcased a bill on Wednesday to help Americans wanting to launch new businesses.  The bill increases the federal income tax deduction for startup costs from $5,000 to $20,000. Buchanan’s bill has the backing of the Florida Chamber of Commerce and the National Federation of Independent Business (NFIB) and is now before the Ways and Means Committee.  "At a time when millions of Americans are unable to find good-paying jobs, government should be doing all it can to encourage entrepreneurs to create jobs,” Buchanan said on Wednesday. “This bipartisan, common-sense bill will make it easier and less costly for hard-working Americans to realize their dream of starting a business.”