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Bill Would Provide Small Businesses With Tax Break PDF Print E-mail
State Government
By Administrator   
Monday, 13 February 2017 15:25
Representative Kyle Hall filed legislation that would allow small businesses to deduct their first $50,000 of income.
 
Joining Rep. Hall as primary sponsors of House Bill 61 are House Finance Senior Chairman Jason Saine (R-Lincoln), Reps. Brenden Jones (R-Columbus) and Beverly Boswell (R-Dare).
 
Chairman Saine released the following statement:
 
“I’m proud to be a sponsor of this legislation with Representative Hall. Small businesses across the state are truly the life blood of what continues to make our economy successful. This reinvestment demonstrates our continued commitment to our state’s greatest job providers.”
 
House Bill 61 reinstates the income tax benefit for businesses providing that the first $50,000 of net business income is deductible. The act applies to those businesses with $1 million of net business income per year or less, ensuring that our state’s smallest businesses receive this needed relief.
 
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