CONGRESSMAN CUELLAR VOTES TO CUT TAXES ON SMALL BUSINESSES
Today, Congress passed H.R. 976, Small Business Tax Relief Act of 2007, which Congressman Henry Cuellar voted in favor of. This bipartisan bill provides for $1.3 billion in tax cuts that are specifically designed to help small businesses invest in new equipment and promote hiring of disadvantaged workers. H.R. 976 will help small businesses to grow and hire new workers, keeping our economy strong.
This bill extends the Work Opportunity Tax Credit (WOTC) -- which provides incentives to employers to hire individuals from targeted groups that frequently experience barriers to work -- for one year and expand it to cover disabled veterans. It also simplifies tax filing requirements for businesses owned jointly by husbands and wives, and ensures that small businesses are fully able to claim the WOTC and tip credit against Alternative Minimum Tax (AMT) liability. The measure, which is supported by the U.S. Chamber of Commerce, National Association of Manufactures, National Federation of Independent Business, and National Restaurant Association, is fully paid for.
“This new Congress has once again demonstrated its support for working Americans,” continued Congressman Cuellar. “We have voted to raise the minimum wage and we have voted to keep America’s small businesses competitive and thriving. I will continue to support common sense bipartisan legislation that keeps America working.”