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Monday, October 23, 2017

Sen. Baldwin introduces tax reform to support small business start-up growth


WASHINGTON, D.C. – U.S. Senator Tammy Baldwin of Wisconsin announced that she is introducing new tax reform legislation that would support small business start-up growth in Wisconsin.

“Wisconsin has a proud history of entrepreneurship and innovation, but recent reports show that we need to do more to support our Made in Wisconsin start-ups,” said Senator Baldwin. “Wisconsin’s small businesses need a tax break and that's what I'm working for. Small businesses are the engines of our economy and if we provide tax relief to start-ups, we can free up investments to create jobs and grow our economy.” 

For three years in a row, according to the Kauffmann Index, Wisconsin has ranked last in business start-up activity. Kaufmann’s 2017 report notes that in the last year, Wisconsin experienced a decrease in start-up activity and no growth in entrepreneurship.

The Support Our Start-Ups Act will make it easier for entrepreneurs to start a new business by increasing the amount of start-up costs they are able to deduct from federal income taxes. Senator Baldwin’s new tax reform legislation is supported by Gener8tor, Startup Milwaukee, Wisconsin Women’s Business Initiative Corporation (WWBIC) and the Greater Madison Chamber of Commerce.

The Support Our Start-Ups Act will:
·       Increase the start-up deduction for new small businesses from $5,000 to $20,000, allowing small business owners to put money back into their business sooner, creating jobs and growing our economy.
·       Increase the deduction’s phase-out threshold from $50,000 to $120,000; and,
·       Extend the start-up tax deduction to organizational expenditures to ensure businesses can benefit regardless if they are organized as a partnership, LLC or corporation.

Text of the legislation is available here.

An online version of this release is available here



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