Chabot, Velázquez Introduce Bipartisan Small Business Tax Bill
Washington, January 16, 2019
Tags: Tax Reform
Washington – Today, Congressman Steve Chabot (R-OH), Ranking Member of the House Committee on Small Business, partnered with Congresswoman Nydia Velázquez (D-NY), Chairwoman of the House Committee on Small Business, to introduce the Small Business Owners’ Tax Simplification Act of 2019. The bipartisan legislation would provide small business owners with much needed clarity as they navigate the complex United States tax code by updating the code to reflect both technological advancements and modern business models. Whether through allowing electronic signatures, amplifying anti-fraud measures, or clarifying cafeteria plan participation, this bill levels the tax code playing field for small businesses throughout the country.
“Small Businesses are responsible for over 58 million jobs throughout the United States, employing over 2 million people in Ohio alone. Despite the remarkable impact that small firms have on our communities and our economy, the tax code continues to hinder small businesses in several ways,” said Ranking Member Chabot. “The Small Business Owners’ Tax Simplification Act of 2019 seeks to further modernize the tax code in a way that offers our nation’s entrepreneurs both clarity and consistency, so they are able to more effectively start and grow their businesses. I thank my Committee on Small Business colleague, Chairwoman Velázquez, for working with me on this legislation.”
“I am pleased to work across the aisle by joining Ranking Member Chabot in re-introducing this tax bill that takes commonsense steps to benefit the backbone of the American economy—small businesses,” said Chairwoman Velázquez. “By allowing companies the flexibility to assist independent contractors, this bill provides more tax compliance assistance for micro-entrepreneurs as the sharing economy continues to expand. When it comes to taxes, we simply cannot afford to leave our small businesses and entrepreneurs behind.”