The "Big, Beautiful Bill" includes provisions for tax and spending cuts targeted at small businesses. It aims to make certain tax breaks from the 2017 Tax Cuts and Jobs Act permanent, allowing businesses to write off research and development expenses. CPA Gene Marks emphasizes the positive impact on growth, confidence, and certainty for small businesses. Key items in the bill support investment in capital equipment and higher exemptions for estate taxes, making long-term planning more feasible for business owners.
"I think that's going to have an enormous impact on the growth of businesses in this country. There are certain tax provisions in this bill, investing in capital equipment, spending on research and development, [increasing] the exemption for estate taxes, [and] they've all been made permanent, which means that small businesses can make long-term decisions about investing in their businesses."
"The provisions will provide small businesses, manufacturers, and farmers the certainty and confidence to fuel a second Trump economic boom through new investment and job creation."
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