Crist Proposes Tax Break to Help Small Businesses Hire
U.S. Rep. Charlie Crist is co-sponsoring the bill with Florida Rep. Tom Rooney.
WASHINGTON, DC – U.S. Reps. Charlie Crist, D-St. Petersburg, and Tom Rooney, R-Okeechobee, have introduced legislation designed to help small businesses hire new employees.
This bipartisan bill would provide immediate tax relief to small businesses, enabling them to invest in growth and provide higher wages to employees.
According to the Federal Reserve, almost 50 percent of small businesses did not receive the bank lending they needed in 2016, making it difficult to grow their businesses and hire new employees. To help free up more capital to address this issue, the bill, H.R. 2680, would allow small businesses to receive an annual tax credit of 3.825 percent, which is equivalent to half of an employer’s payroll tax obligation, for up to three new employees and totaling $100,000 in wages.
“The lingering impact of the Great Recession continues to make it difficult for many small businesses to obtain bank loans in order to grow,” Crist said. “Economic expansion starts on Main Street – not Wall Street. Our bill gives locally owned businesses a much-needed boost, from the barber shop in south St. Petersburg to the tech entrepreneur in Clearwater. They should have an easier time hiring more people to serve more customers and expand their businesses. I look forward to working with Congressman Rooney to promote this common-sense, bipartisan effort to help our small businesses grow and improve communities across America.”
Rooney said, “This commonsense bill rewards small business for creating jobs in our communities. Promoting local businesses and encouraging job growth is not a partisan issue. I look forward to working with Congressman Crist on this innovative approach to helping America’s communities thrive.”
Crist represents Florida’s 13th Congressional District, which includes mid- and south Pinellas County.
Rooney represents Florida’s 17th Congressional District, which includes Okeechobee, Venice and Port Charlotte.
For information about Crist, go to crist.house.gov.
Charlie Crist | Tom Rooney | Small Business | Tax Credit | Politics | Tampa Bay News | TB Reporter
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