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.

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Sun, 02/19/2017 - 02:26

Police & Fire for Sunday, Feb. 19, 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.

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Sun, 02/19/2017 - 02:13

This day in Juneau history: Feb. 19

On Feb. 19, 1987, Gov. Steve Cowper and the Alaska Legislature formed a budget plan for the upcoming year. The House Finance Committee passed a bill giving Gov. Cowper permission to spend the $428 million reserve fund, and representatives described meetings with Gov. Cowper “wonderful”.

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Sun, 02/19/2017 - 02:11

Libraries accepting food for fines

The Juneau Public Libraries are accepting food donations to pay off library fines during the entire month of February.

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Sun, 02/19/2017 - 02:12

Senate Bill 54 aims to roll back some provisions of criminal justice reform

Changes to Senate Bill 91 — a controversial bill was enacted last summer in an effort to reduce Alaska’s prison population — are being rolled out as part of Senate Bill 54, introduced on the floor on Feb. 10.

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