Foster Supports Bipartisan Legislation To Reduce Taxes For Small Businesses
Washington, DC – Today, Congressman Bill Foster (IL-11) voted for H.R. 4453 and H.R. 4457, bipartisan legislation to reduce the tax burden for small businesses. Both bills passed the House with bipartisan support and will be sent to the Senate.
“As a businessman who built a company from the ground up, I know how difficult it is to grow and maintain a small business,” said Foster. “I am pleased to support this legislation which will reduce the tax burden and increase certainty for small businesses.”
H.R. 4457, America’s Small Business Tax Relief Act of 2014, would allow small businesses to deduct a greater amount of costs of business equipment and would make permanent tax deductions which expired on December 31.
H.R. 4453, the Permanent S Corporation Built-in Gains Recognition Period Act of 2014, would make permanent tax deductions on properties owned by S Corporations.
“Earlier this year I launched Project Growth, an initiative to support jobs and economic development in Illinois’ 11th District,” Foster added. “I have made it a priority to meet with businesses at home, small and large, to listen to their needs and concerns, and these are just the kind of commonsense reforms businesses have called for.”
Foster launched Project Growth to support jobs and economic development in the 11th District of Illinois by focusing on four key issues: education, transportation, manufacturing and strengthening the middle class.
More information on Project Growth is available here.