Rep. Blake Moore
Pro-small business tax provisions offered by U.S. Rep. Blake Moore (R-UT) are included in a tax package approved on Jan. 19 by the U.S. House Ways and Means Committee.
Committee members voted 40-3 to pass the Tax Relief for American Families and Workers Act of 2024, H.R. 7024, to help families, spur innovation, improve economic competitiveness, and boost affordable housing. H.R. 7024 includes provisions from the Small Business Growth Act, H.R. 3661, which Rep. Moore sponsored in May 2023 alongside 10 GOP original cosponsors.
The Internal Revenue Code currently allows small businesses to deduct the full purchase price of qualifying equipment. Within this tax package, the Small Business Growth Act will lift the deduction cap to $1.29 million, an increase above the $1 million enacted in the 2017 Tax Cuts and Jobs Act, according to Rep. Moore’s office.
“I am thrilled that my bill to support small businesses is included in this critical tax package,” Rep. Moore said. “The Small Business Growth Act will allow small businesses to purchase essential equipment by increasing the cap on tax deductions for business investments under Section 179.”
The congressman pointed out that following the passage of the Tax Cuts and Jobs Act of 2017, real median household income rose by $5,000 and real wage growth increased 4.9 percent, the fastest two-year growth in real wages in 20 years.
“However, since then,” he said, “three critical tax provisions that support job creators and workers have expired. We know that successful small businesses create a successful economy, and I am eager to get this package that will bolster good-paying jobs and strong wage growth for workers over the finish line.”
The House Ways and Means Committee in June 2023 passed Rep. Moore’s bill before including it last week in the larger H.R. 7024, which is still being considered by the U.S. House Committee on Rules.