Rep. Brenda Lawrence introduces Promote Startups Act

brenda lawrenceRep. Brenda Lawrence (MI-14) on recently  introduced H.R. 4068, The Promote Startups Act of 2015, which would permanently increase the limitations on deductions for startup and organizational expenditures that entrepreneurs face. The Act seeks to raise the current tax deduction limit for startup expenses from $5,000 to $15,000 and raise the deduction limit for organizational expenses from $5,000 to $10,000.
“My bill sends a message to entrepreneurs across America that the cost of starting a new business must not get in the way of the ambition and innovation that drives entrepreneurs to create jobs and boost our economy,” Rep. Lawrence said.
Rep. Lawrence was joined by the bill’s original co-sponsors, the Ranking Democrat of the House Small Business Committee Rep. Nydia Velazquez (NY-7), Rep. Yvette Clarke (NY-9), and Rep. Donald Payne, Jr. (NJ-10).
“Small businesses are the cornerstone of our economy,” Rep. Velázquez said. “This legislation will lower barriers for entrepreneurs looking to launch new ventures, creating greater economic opportunity in our communities. I applaud Congresswoman Lawrence for authoring this bill and am proud to support her efforts.”
According to the Small Business Administration (SBA), small businesses continue to add more net new jobs than large businesses nationwide. Through the first three quarters of 2014, small businesses added 1.4 million net new jobs to the American economy.
“Entrepreneurship offers the opportunity for families to enter the middle class and the build wealth. By increasing tax deductions for small business owners, the Promote Startups Act of 2015 has the potential to increase the number of people who start small businesses and the percentage of small businesses that succeed,” Rep. Clarke said. “As a member of the Committee on Small Business, I will continue my work in support of entrepreneurs in Brooklyn and across the United States.”
In addition to the significant findings reported by the SBA, the Ewing Marion Kauffman Foundation’s annual report — which tracks entrepreneurship across the U.S. — revealed that startup activity rose in 2015, reversing a five-year downward trend. Furthermore, the report showed that startup activity between 2014 and 2015 represented the largest year-over-year increase over the past two decades.
“Reducing the costs associated with starting a business is critical to job creation and economic prosperity,” said Rep. Payne, Jr. “With this legislation, entrepreneurs will be able to innovate, hire American workers, and grow our economy for years to come.”
H.R. 4068 has also received the endorsement of the Michigan Black Chamber of Commerce PAC. Ken. L. Harris, President and CEO of the Michigan Black Chamber of Commerce, Inc. said the bill will undoubtedly have a positive impact on minority-owned businesses in Michigan and across the nation.
“The Michigan Black Chamber PAC believes that this type of progressive policy, which supports small and medium-sized businesses, is essential to the long-term economic stability of urban communities where the majority of Black and minority businesses operate,” Mr. Harris said.
Rep. Lawrence added that the bill is one important step toward increasing federal support for entrepreneurs and American businesses, but that more needs to be done to promote this important segment of the American economy.
“Congress must come together to support America’s entrepreneurial trailblazers and foster an environment conducive to entrepreneurship so that the next generation of business leaders are motivated to put great ideas into action and, in the process, become pioneers of business innovation and job creation while contributing to our economy,” Rep. Lawrence said.

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