U.S. Sen. David Vitter (R-La.), Chairman of the Small Business & Entrepreneurship Committee, today introduced the Small Business Tax Compliance Relief Act. It is expected to be voted on in Committee in the coming days.
“American small businesses have better things to do with their time – like creating jobs – than spending their limited time and hard-earned money complying with convoluted and expensive federal tax regulations,” said Vitter. “We don’t have to wait for wholesale tax reform to help small businesses. My legislation combats the cost of compliance and will make targeted tax reforms to get government out of the way so that America’s entrepreneurs can concentrate on growing their businesses.”
Vitter’s legislation would provide relief from tax code provisions frequently cited as overly restrictive or onerous for a small business, including:
Vitter has held a number of hearings and worked directly with small businesses, small business advocacy groups, and pro-business organizations in writing this legislation. Organizations supporting Vitter’s legislation include:
- National Federation of Independent Business
- National Small Business Association
- Small Business Advocacy Council
- Small Business & Entrepreneurship Council
- Society of Louisiana Certified Public Accountants
- Louisiana Association of Business and Industry
- Small Business Investor Alliance
- Angel Capital Association
- South Carolina Small Business Chamber of Commerce
- American Institute of CPAs
- Colorado Association of Commerce & Industry
- Greater North Dakota Chamber of Commerce
- Chamber of Commerce Hawaii
- National Association for the Self-Employed
Later this morning, the Small Business Committee is hosting a hearing entitled, “Targeted Tax Reform: Solutions to Relieve the Tax Compliance Burdens for America’s Small Businesses” during which small business owners and their advocates will detail the burdens of tax compliance.
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