Friday, April 23, 2010

Owens Bill Will Help Creat Jobs

Owens' bill would expand tax credits
for job-producing businesses


WASHINGTON — Rep. William L. Owens, D-Plattsburgh, introduced legislation Wednesday to expand a tax deduction for businesses that create jobs.

Mr. Owens said the measure, which offers a tax deduction on purchases of equipment, could give the economy an extra push as a gradual recovery is underway. He is pitching the idea to other lawmakers, including Rep. Scott Murphy, D-Glens Falls, he said in an interview in his Capitol Hill office.

“As the economy is picking up, hopefully this will accelerate the pickup,” Mr. Owens said.

Under the proposal, businesses could deduct an unlimited amount of capital expenditures from federal taxes for five years, up from the current limit of $250,000 — as long as each $100,000 generates one full-time job.

Mr. Owens said the bill is broad enough to affect businesses as large as major manufacturers or as small as a dairy farm.

He said he crafted the proposal after discussions with north country businesses.
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