[Congressional Record Volume 142, Number 76 (Wednesday, May 29, 1996)]
[Extensions of Remarks]
[Page E944]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SMALL BUSINESS JOB PROTECTION ACT OF 1996

                                 ______


                               speech of

                        HON. PETER G. TORKILDSEN

                            of massachusetts

                    in the house of representatives

                        Wednesday, May 22, 1996

  Mr. TORKILDSEN. Mr. Speaker, I appreciate the time to speak on this 
important small business issue.
  The Small Business Job Protection Act is a package of tax incentives 
aimed at increasing the productivity of small business by promoting the 
opportunity for expansion. The bill contains a number of small business 
tax provisions. But, most importantly, there is a provision to increase 
expensing for small business.
  Part of the Contract with America, this provision will increase from 
$17,500 to $25,000 the amount of money a small business can deduct for 
the purchase of equipment, such as computers, cash registers, or office 
furniture, for example. By increasing the deduction, small businesses 
will not only be able to modernize, giving their workers the tools they 
need to remain competitive, but they will also be in a stronger 
financial position to do business and interact within their 
communities.
  Specifically, the bill phases in over 8 years a $7,500 increase in 
the amount a business may deduct from their tax liability for capital 
investment. As I stated before, current law allows a maximum amount of 
$17,500--bringing the new total deduction to $25,000.
  In closing, I strongly support passage of this long overdue 
legislation. Thank you, Mr. Speaker, for the time.

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