Solutions

U.S. Senate Committee Addresses Small Business Bills

Order Reprints

Aug. 5, 2015—The U.S. Senate Committee on Small Business and Entrepreneurship held a markup on five separate bills related to small business ownership and microloans on Tuesday.

Three of the bills were to better facilitate small business ownership for veterans, one was to help small businesses better employ energy efficient practices, and the last was to reform the microloan process. All of the bills received bipartisan support within the committee and were reported favorably. The committee also reported its draft resolution recommending the passing of  S. 1827, a bill to simplify tax compliance

Sen. David Vitter (R-La.) the committee’s chairman, said, “Based on hearings and roundtables, small businesses have conveyed to me how much of an issue tax compliance has become … Simply put, small business owners are losing time, money and resources navigating the intricacies of the tax code and spend an oversized portion of their time complying focused on tax compliance … This resolution identifies common-sense bipartisan solutions to provide immediate relief to our country’s small businesses … This includes provisions that will help small businesses dramatically reduce their accounting costs and better navigate federal tax compliance on our way to removing that burden altogether. We have been able to put together a resolution both sides agree on that would provide relief for small businesses all across the country.”

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