Lawmaker Presses Obama To Double Business Tax Deduction

Law360, New York (February 18, 2014, 7:52 PM EST) -- Rep. Carol Shea-Porter, D-N.H., urged President Barack Obama on Tuesday to permanently double a tax deduction for new businesses in his 2015 fiscal year budget, saying the measure is key in growing the economy.

The startup tax deduction for new businesses is $5,000, but Shea-Porter introduced legislation in January to double that amount. The president included a permanent increase provision in his 2014 budget, but Shea-Porter says Obama should continue to champion the cause in his 2015 budget, which is expected to be released in early...
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