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ASTA is praising Congressman Frank Kratovil (D-MD) and Congressman Chris Lee (R-NY) for introducing legislation to expand the maximum allowable federal tax deduction for business startup expenses. The bill, H.R. 1552, the Small Business Formation and Job Creation Act, would quadruple the deduction limit to $20,000 from the $5,000 allowed under current law.
"This bill couldn’t have come at a better time," said Chris Russo, ASTA’s President and Chair. "By providing an added incentive to start a travel agency or other small business during these challenging economic times, H.R. 1552 will spur both job creation and economic growth."
In a letter to Congressmen Kratovil and Lee endorsing the bill, Russo pointed to startup capital as one of the prime hurdles to entrepreneurs seeking to start a new business. "Providing targeted help to the small business sector should be at the top of the agenda in Washington," Russo added. "I urge the Congress to act swiftly to pass H.R. 1552 and to help get America’s small business economy moving again."
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
