Sen. Begich introduces small business tax reform

If passed, a bill currently in the Senate would allow small business owners to write off certain major business expenses in the first year, rather than depreciating these costs over time.

U.S. Sen. Mark Begich introduced the provision as an amendment to the Small Business Jobs and Tax Relief Act.

Begich amended the act to include flexibility on depreciation of improvements such as carpet, sheetrock, lighting and equipment small business owners purchase for their businesses.

“All that expense now can be written off in the first year,” Begich said in a recorded presentation on the Senate Floor, July 11 (goo.gl/0482x). “It is simple, yet has huge impacts.”

The IRS has schedules to depreciate these improvements over the course of more than a decade. Begich proposed what he calls “accelerated” or “bonus” depreciation.

A small business in the 25 percent tax bracket that spends $100,000 on improvements or equipment can receive a tax break of $25,000 in the first year.

The full bill would offer a tax credit when a small business increases its payroll through bonuses, raises or hiring a new employee – equivalent to 10 percent of the increase. The credit would be capped at $500,000.

More

Sun, 01/22/2017 - 07:41

This Day in Juneau History: Jan. 22, 1987

On Jan. 22, 1987, Gov. Steve Cowper prepared to discuss the final part of his fiscal plan: budget cuts. The total amount suggested to be cut by his temporary cabinet was $300 million, which tore funding from a variety of different programs. However, although what propositions Cowper accepted were still a mystery, Press Secretary David Ramseur confirmed that the cuts he did accept totaled at about $200 million. Cowper was to give a speech directly to the Alaska Legislature discussing the specifics of his recommended cuts.

Read more
Sun, 01/22/2017 - 07:40

Fire calls for Jan. 22, 2017

This report contains public information available to the Empire from law enforcement and public safety agencies. This report includes arrest and citation information, not conviction information. Anyone listed in this report is presumed innocent. Anyone with information about a crime can report a tip anonymously to juneaucrimeline.com.

Read more
Sun, 01/22/2017 - 07:40

Man caught with 3 pounds of meth on Southeast Alaska-bound ferry sentenced to 20 months

A 21-year-old man who was caught transporting three pounds of methamphetamine — reportedly the largest seizure in Southeast Alaska in at least 10 years— on the ferry between Bellingham and Ketchikan last May was “a patsy, plan and simple,” his defense attorney argued.

Read more

CONTACT US

  • Switchboard: 907-586-3740
  • Circulation and Delivery: 907-586-3740
  • Newsroom Fax: 907-586-9097
  • Business Fax: 907-586-9097
  • Accounts Receivable: 907-523-2230
  • View the Staff Directory
  • or Send feedback

ADVERTISING

SUBSCRIBER SERVICES

SOCIAL NETWORKING