ASTA Supports Legislation to Assist Small BusinessSeptember 20, 2010 By: Staff
ASTA wants more help for small businesses and sent a letter to President Obama to request support for legislation to help sustain the nation’s small business recovery. ASTA President and Chairman Chris Russo praised key provisions of H.R. 5297, the Small Business Jobs and Credit Act of 2010, including a one-year extension of bonus tax depreciation for qualifying equipment purchases.
The law could also expand the maximum allowable annual tax deduction for small business startup expenses to $20,000 from the current $5,000. ASTA endorsed both changes to the tax law as standalone legislation earlier in the 111th Congress.
ASTA’s letter also called for additional help for small businesses, including a “check-the-box” deduction for home office expenses and direct lending authority for the U.S. Small Business Administration.
“ASTA remains committed to helping travel agencies of all sizes to navigate the economic downturn,” Russo said. “We welcome targeted legislation that will give a boost to small business owners so they can come out of the recession in a stronger position than before.”
The Senate passed H.R. 5297 on September 16, by a vote of 61-38. The amended bill must be reconciled with the House before proceeding to the President’s desk for a signature.
“In part due to the low margins common across the retail travel industry, measures such as these can make a significant difference in the financial health of a large number of travel agencies while having a relatively small impact on the federal treasury,” ASTA said.