The U.S. House of Representatives recently passed a bill to help new small businesses get their feet off the ground.
The bill, which passed by a count of 247 votes to 170 votes, will enable small companies to file more deductions on their taxes for start-up expenses, according to the Associated Press. Small companies may now have an opportunity to invest in long-term items to help them function, such as new computers, software or business projectors.
The tax deductions were included in a bill that passed through the House in March, but was turned back by the U.S. Senate, the AP relays. Politicians believe that the newly developed bill may have a better chance of going through the Senate and thus, provide more investment options and lending for small businesses that continue to struggle during the recession.
If the new bill passes, nearly $3.6 billion in tax breaks would be issued during the next 10 years.
Many small companies are looking to invest in green technology to reduce long-term costs and become more eco-friendly, however they do not have the financial means to support that kind of investment, according to a recent Regus survey. With assistance from the federal government, small businesses may be able to purchase sustainable products to help them recover now and maintain their success into the future.
