Meehan Introduces Bipartisan Legislation to Help Small Businesses

Discusses other proposals to help create jobs and grow economy

Springfield, PA – Congressman Patrick Meehan (PA-07) today announced recently introduced legislation to help small business start-ups. H.R. 3231, the Jump Start for Job Creators Act, will give entrepreneurs new and dependable incentives to help them start a business. Meehan unveiled the legislation today in remarks at the annual Federal Forum of the Delaware County Chamber of Commerce.

“Small businesses are so important to job creation,” said Meehan. “They are historically responsible for two-thirds of our annual job growth, yet today, many of them are sitting on the sidelines. New business startups have slowed to their lowest level in nearly a generation. If we are to build momentum in the economic recovery, we need to jump start the entrepreneurial spirit – and we can help do that by extending the startup tax deduction.”

Under current law, the maximum deduction for small business start-up expenses is limited to $5,000 if the total start-up expenses are less than $50,000. This bill will allow start-ups to expense their deductions up front at a higher rate. It will increase the maximum deduction to $20,000 over a longer period of time, and increase the ceiling for start-up expenses to $75,000.

In addition to unveiling new legislation, Meehan also discussed other proposals he supports to help create jobs including investments in infrastructure, incentives for companies that hire Veterans, extending the payroll tax reduction, and increasing access to capital to allow start-ups to attract investors.