COLORADO SPRINGS, Colo. – Senator Michael Bennet stopped through Colorado Springs Tuesday afternoon to have a face to face discussion with small business owners. The highlight of their roundtable was discussing a new bill to cut taxes for small businesses.
These business owners said their biggest concern was tax predictability. Last December they got no chance to plan ahead.
“At the very last hour, they announced another break, another opportunity for taxes for capitol equipment, and it was a little too late for us to react as a small business,” said Tony Feltman, president, Spire Manufacturing Solutions.
Senator Bennet backed their concerns. He said these businesses have a right to know their options in advance.
“There are business people that need a years notice, a couple years notice, to be able to make the decisions that are in the interest of their business and the interest of their customers,” said Senator Bennet.
Senator Bennet said his tax proposal could be the answer. He wants businesses to be able to expense up to $1,000,000. It would be a major increase from the $25,000 they can currently depreciate.
“In the senate there’s a lot of support for it, and I also wanted to introduce it ahead of what I hope will become comprehensive tax reform,” said Senator Bennet.
With job creation and increasing middle class wages as a major concern, Senator Bennet said this bill can take our Colorado economy to the next level.
“We’re a manufacturing company here in town,” said Feltman. “We have a huge representation of capitol equipment within our facility, and it’s going to make a huge difference in growth for 2015.”