Representative Votes to Invest in Small Business and Encourage Job Creation

MARIETTA – Representative Bill Johnson (R-Marietta) released the following statement following the passage of H.R. 4718, a bill to make equipment depreciation permanent for American small businesses. The legislation passed on a bipartisan vote of 258-160.

H.R. 4718 would help companies in Ohio, and all across America, obtain better access to capital, invest in new facilities, and create jobs by permanently extending the 50 percent bonus depreciation deduction. The bill also aims to lift some restrictions to allow certain tax credits to be used for capital reinvestment.

“This legislation is all about providing certainty for employers so they can hire more people to grow their businesses, which in turn boosts local communities and our national economy overall,” Rep. Bill Johnson said. “Short term tax policy is bad for business, and bad for economic growth. This bill would allow new businesses, just trying to get off the ground, a quicker tax deduction, freeing up more of their resources. Jobs aren’t a partisan issue, and I ask the Senate to consider the important bipartisan legislation my friend and colleague, Rep. Pat Tiberi (R-OH), spearheaded.”

The non-partisan Tax Foundation has reported that making bonus depreciation permanent would support the creation of 212,000 new jobs, increase federal revenue by $23 billion per year, and grow the economy by a full one percent.