[Congressional Record Volume 158, Number 22 (Thursday, February 9, 2012)]
[Senate]
[Page S497]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. ROCKEFELLER:
  S. 2088. A bill to amend the Internal Revenue Code of 1986 to 
permanently double the amount of start-up expenses entrepreneurs can 
deduct from their taxes; to the Committee on Finance.
  Mr. ROCKEFELLER. Mr. President, today I am introducing the Small 
Business Start-up Support Act of 2012, legislation that will promote 
small business growth in my home state of West Virginia, and around the 
country.
  Since the recession, I have met with countless business owners, as 
well as those who dream of starting a small business. One of the common 
themes of these conversations is the difficulty these individuals have 
raising capital, particularly when a business is in its infancy.
  This legislation helps those individuals out, by expanding a 
successful provision of the tax code that allows business owners to 
deduct up to $5,000 of start-up costs. These start-up costs are things 
like legal and marketing costs that are necessary to get a business up 
and running, but put a strain on an already tight budget. My bill would 
expand this deduction so that individuals can deduct up to $10,000 of 
start-up costs.
  For a business to survive, and thrive, its owner has to do their 
homework during its infancy. They have to study things like supply 
chains and distribution models. They have to develop marketing plans. 
Each of these things has a cost that is incurred before a business 
makes dollar one. That is when a business owner is most in need of 
assistance and that is why this credit was first enacted.
  A temporary expansion of the start-up deduction was enacted in 2008, 
and it was one of many actions this Congress took to help business 
owners weather the recession and keep their doors open. President Obama 
included a permanent extension of this provision in his ``Startup 
America'' legislative agenda and I am committed to seeing it become 
law.
  I ask my colleagues to join me in supporting this important 
legislation and thank the chair for allowing me to speak on this issue.
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