Updated 08/17/2012 06:51 PM
Gillibrand supports SUCCESS Act
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ROME, N.Y. -- Businesses with fewer than 100 employees make up 99 percent of all U.S. employers. Senator Kirsten Gillibrand was in Rome Friday to push for legislation that would extend tax breaks for such companies.
The senator says the SUCCESS Act of 2012 would bolster growth with a number of steps, including tax relief for small business capital gains.
"So if you do get that investor and you say, 'Listen, if you invest in my company, you buy my stock, you don't have to pay capital gains if you hold this stock for five years.' That is a huge incentive for that investor to not have to pay taxes on that investment," Gillibrand said.
The bill would also double existing deductions for new business start up costs and allow companies to write off up to $500,000 in needed equipment.