Last week, Congressman Vern Buchanan announced that the Florida Chamber of Commerce endorsed his bill to help struggling entrepreneurs start a new business seamlessly and affordably. The bill in question, Support Our Start-Ups Act, will quadruple costs small businesses can deduct from their taxes.
Under the bill, business owners would be able to deduct up to $20,000 of the cost of their business start-up from federal income taxes, up from $5,000. This is huge for small businesses and people with growing dreams. According to the Bureau of Labor Statistics, only about 20 percent of new small businesses survive past a hard first year.
With this new bill, small businesses can flourish even after their first tumultuous year. This could lead to a turn of the tides for businesses, specifically brick and mortar stores, which are in decline at a rapid rate. Many experts indicate that 2017 has been especially hard on these types of stores.
According to many reports, half of all households in the U.S. are now Amazon Prime members. Consumers are simply buying more online than they ever did before in years past. Bills like these can hopefully help, rather than hinder, the need for successful start-ups, particularly ones that have a brick and mortar storefront.
Buchanan, a well respected businessman, knows exactly how hard it is starting a business from the ground up. So many fees and costs abide for a start-up business, even before it gets the chance to officially open. With this bill, small businesses will have a better chance of survival in the future.