Florida Chamber backs Vern Buchanan startup tax relief bill
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Person Planting Money Plants

U.S. Rep. Vern Buchanan is announcing the Florida Chamber of Commerce is endorsing his bill seeking to make it easier and less costly for entrepreneurs to start a new business.

The Sarasota Republican’s “Support Our Start-Ups Act” seeks a fourfold increase in startup costs small-business owners can deduct from their federal income taxes, raising it from $5,000 to $20,000.

 “in Florida alone, there are more than 2 million small businesses, which create two out of three jobs in Florida,” said David Hart, Florida Chamber’s executive vice president. “The Support Our Start-Ups Act removes some of the initial barriers to creating a business, putting money back in the pocket of our state’s best job creators – setting start-ups on a path toward success.”

Only around 20 percent of new small businesses survive their first year, according to the Bureau of Labor Statistics. Support Our Start-Ups can help businesses stay afloat and grow by making it significantly less costly to start a new business.

“At a time when millions of Americans are unable to find good-paying jobs, the government should be doing all it can to encourage entrepreneurs to create jobs,” said Buchanan, a senior member of the tax-writing House Ways and Means Committee. “I want to make it easier and less costly for hard-working Americans to realize their dream of starting a business.”

Buchanan, himself a self-made businessman, said that he knows firsthand the costs of starting a new business. Before even opening their doors, entrepreneurs must often pay legal and consulting fees, marketing research, recruiting expenses and office supplies.

A longstanding principle of tax law has prohibited the deduction of these initial costs until the business opens – with only a $5,000 maximum deduction.

Buchanan is a widely respected leader in the state’s business community. With a 40-year business career, he chaired both the Florida Chamber and the Sarasota Chamber of Commerce. He also served as a U.S. Chamber board member, and was inducted into the Tampa Bay Business Hall of Fame in 2005.

Staff Reports


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