What Small Business Can Expect in the New Congress

What Small Business Can Expect in the New CongressThe Congress change may give small businesses help with taxes and regulations, but there’s little expectation no no sweeping changes earmarked for small business.

What small business advocates expect in the next Congress:

TAXES

Individual business owners in a higher tax bracket than many corporations have. Small business groups have been lobbying for lower tax rates for individual owners.

But there could be more support in Congress for a permanent extension of a deduction that allows small businesses to deduct up-front rather than depreciate the costs of some equipment. The deduction for 2014 is $25,000, but is expected to be increased by Dec. 31; it was $500,000 in 2013.

HEALTH CARE AND REGULATIONS

Republicans aren’t expected to try to repeal the health care law, but they are likely to try to change parts of the law small businesses oppose, NSBA’s McCracken says.

Some owners oppose a portion of the law that declares employees who work 30 or more hours a week full-time. Those workers must be offered affordable coverage if a business will have 100 or more employees in 2015.

IMMIGRATION

Many small businesses want visa programs expanded because they can’t find enough workers in the U.S. But Obama could issue executive orders to address immigration issues.

MINIMUM WAGE

Republicans have opposed Obama’s calls for the federal hourly minimum wage to be raised to $10.10 from $7.25. But voters in five states cast ballots in favor of a higher minimum, including usually conservative Alaska, Arkansas, Nebraska and South Dakota.

Photo credit: http://guardianlv.com

Article source: http://abcnews.go.com/Business/wireStory/small-business-expect-congress-26714025

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