Hagan Pushing Tax Breaks For Small Businesses

Jul 9, 2012

With Congress back in session U.S. Senator Kay Hagan is touting a bill she says will help small businesses. Jeff Tiberii reports.

Jeff Tiberii: The Small Business Jobs and Tax Relief Act of 2012 is expected to come up for a vote this week. Hagan says the legislation has bipartisan support and will accomplish two things.

Kay Hagan: The first is an income tax credit on new payroll. And this is either through hiring new people or increasing current wages and there will be a 10-percent income tax credit to the small businesses.

The second component of the act would extend a deduction for companies on certain purchases. Hagan, a Democrat, believes this will encourage businesses to do everything from updating computer software to purchase machinery.