Congressman Mike Kelly is introducing legislation that would offer more tax incentives for small-business start-ups.
The bill is called the American Innovation Act and Kelly says it “aims to remove some of the initial barriers to creating a business.”
The bill would allow small-business owners to deduct $20,000 on federal income taxes. It would also increase the threshold for deductions from $50,000 to $120,000 for start-up expenditures.
“This pro-growth tax policy will kickstart our small businesses, and it make it easier for these businesses to create jobs, support families, and grow our local economies,” Kelly said in a statement.