MSCI Works To Advance U.S. House Small Business Agenda
Defying a presidential veto threat, last week the U.S. House passed H.R. 527, the Small Business Regulatory Flexibility Improvements Act, which would “require federal agencies to identify and consider the indirect consequences of proposed regulation on small businesses, not merely direct consequences.” The bill passed on a bipartisan 263-160 vote and is expected to be taken up by the U.S. Senate at some point this spring. (See how your House representative voted on H.R. 527 here.)
MSCI worked with the National Association of Manufacturers to send a letter to all members of Congress in support of this bill. The letter noted, “A recent study found that small businesses pay $11,724 per employee per year in regulatory compliance” and argued small businesses’ “ability to operate efficiently and free of unnecessary regulatory burdens is critical for their ability to compete and create jobs. The Act directly addresses that small business challenge.” You can read the full letter here.
Next up on the House’s agenda: this week the chamber is expected to consider H.R. 636, which would permanently expand small business (section 179) expensing to $500,000. MSCI is working with the National Federation of Independent Business to send a letter to House members asking that they support this legislation, which would reduce taxes on small firms by more than $77 billion. According to Congressional Quarterly (subscription required), the House will also soon consider:
- A $1.5 billion proposal to make permanent the shorter five-year recognition period for built-in gains taxes on some S corporations;
- A $635 billion proposal to make permanent a rule allowing S corporation shareholders to reduce their stock basis to reflect their stake in property donated to charity; and
- A $2.2 billion proposal to make permanent an expanded credit for corporations and small businesses that donate their food inventory.
MSCI will support these efforts as well.