Modest deduction could impact millions of small businesses
The National Association for the Self-Employed (NASE), a national resource for the self-employed and micro-businesses, applauded the introduction of H.R. 886, the America’s Small Business Tax Relief Act of 2013. Introduced by U.S. Reps. Jim Gerlach (R-PA) and Ron Kind (D-WI), the NASE supports this legislation that provides for a permanent deduction for several key small-business tax deductions, including the health insurance deduction for the self-employed, which is one of NASE’s signature legislative priorities.
“As millions of self-employed small businesses struggle to make their bottom-line, small but significant changes like those proposed in the Gerlach/Kind legislation to the tax code can ensure that America’s small businesses are treated equitably and fairly ,” said Katie Vlietstra, NASE Director of Government Affairs. “The ability for the self-employed to deduct their health insurance premiums will immediately pump millions of dollars back into the economy, essentially causing a micro-stimulus that will result in business growth for America’s self-employed, 78 percent of all small businesses.
Since the passage of the Small Business Jobs Act of 2010, which included a one-year self-employment tax deduction for health insurance costs of sole proprietors, the NASE has aggressively advocated for making the provision permanent in both the House and Senate.