House Small Business Committee
WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the President nominated David Christian Tryon, a fellow Ohioan, as Chief Counsel for Advocacy at the Small Business Administration (SBA):
“As the Administration and Congress continue to work together to relieve the regulatory burden on small businesses, it is critical that the SBA Office of Advocacy has someone at its helm to be the independent voice for small businesses within the federal government,” said Chairman Chabot.
“I applaud the President’s decision to move forward with the nomination of Mr. Tryon. As the Small Business Committee wrote in August, nominating a Chief Counsel for Advocacy will help the President’s ‘efforts to provide regulatory relief to spur economic growth, promote innovation, and encourage entrepreneurship.’ The Committee looks forward to continuing our work with the Office of Advocacy and ensuring that federal agencies consider how all proposed regulations will affect small businesses,” Chabot added.
In August, the Small Business Committee Majority signed a letter urging the President to nominate a Chief Counsel for Advocacy. The letter can be read HERE.
The Committee on Small Business Subcommittee on Agriculture, Energy, and Trade will meet for a hearing titled, “High-Tech Agriculture: Small Firms on the Frontier of Agribusiness.” The hearing is scheduled to begin at 10:00 A.M. on Thursday, October 5, 2017 in Room 2360 of the Rayburn House Office Building.
This hearing will examine rapid development of the agricultural technology (agtech) industry driven by the private sector. Entrepreneurs are tackling industry challenges and facilitating technology transfer from the lab to the farm to the table. Agricultural regions are competing to be the next great innovation hub, which has spurred rural revitalization. The discussion will explore issues beyond the headlines to understand the role of small businesses and the perspective of small family farmers.
1. Hearing Notice
2. Witness List
3. Hearing Memo
4. Opening Statement
Lisa Benson, Ph.D.
Director, Rural Development
American Farm Bureau Federation
Mr. Kevin Heikes
Co-Founder and Chief Operating Officer
Mark Kester, Ph.D.
Chief Scientific Officer
Ron Meeusen, Ph.D.
Cultivian Sandbox Ventures
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the House passed H. Con. Res. 71, the fiscal year 2018 budget resolution.
“Today’s vote puts us one big step closer to a tax reform plan that will help our small businesses grow and create new jobs. Again and again we hear how the burdensome tax code impedes their ability to expand. But the resolution passed today, which includes reconciliation language, will allow us to move forward with tax reform legislation that will benefit the economy, and particularly the drivers of our economy – small businesses,” said Chairman Chabot.###
WASHINGTON—Today, Members of the House Small Business Committee Subcommittee on Agriculture, Energy, and Trade heard from a panel of agricultural technology (agtech) and agribusiness professionals on the rapid development of agtech driven by the private sector.
“Private sector participation in agtech research and development has surged in recent years. However, the most important stakeholders in any discussion of agtech are the farmers themselves. Small and family farmers cannot risk their time and resources for experimental innovations and technologies that may not work,” said Chairman Rod Blum (R-IA). “Farmers may be budding entrepreneurs developing new technology to improve their farms, but may need some help connecting with investors and mentors to bring their ideas to market.”
Small Firms on the Frontier of Agribusiness
Entrepreneurs are tackling industry challenges and facilitating technology transfer from the lab to the farm to the table. Agricultural regions are competing to be the next great innovation hub, which has spurred rural revitalization.
“When rural entrepreneurs succeed, rural communities thrive and prosper. As entrepreneurs grow their businesses, they create jobs for their family, friends and neighbors,” said Dr. Lisa Benson, Director of Rural Development at the American Farm Bureau Federation in Washington, DC. “A hurdle many of these ag tech entrepreneurs faced was trying to access enough capital to scale up their production to reach economies of scale. To address this challenge, Farm Bureau created the Agriculture Investment Summit that connects rural entrepreneurs with investors from venture capital funds and accelerator programs.”
“Thanks to advances in on-farm technology, data science, connectivity, and remote sensing, it is possible for a wide network of farmers to actively participate in finding answers to their questions, and get paid for meaningful research through farmer trials,” stated Kevin Heikes, Co-Founder and Chief Operating Officer at IN10T in Lexena, KS. “IN10T collaborates closely with farmers, ensuring understanding of the data, and converting data into invaluable, applicable insights.”
"Farmers saw such great value in our technology that multiple vineyards and one apple orchard even agreed to allow us to run small-scale field trials and generate our first field-trial data for our technology,” said Dr. Mark Kester, Chief Scientific Officer at AgroSpheres in Charlottesville, VA. “The willingness for small farms in our community to work with us was key to the early stages of our success.”
“It is no exaggeration to say that technology in agriculture has changed more in the past 100 years than it had in any 100 years prior, and perhaps more than in all of human history combined,” said Joseph W. Guthrie, Senior Instructor for Agricultural Technology at Virginia Tech in Blacksburg, VA. “There is no question that precision agriculture is an all-important driving force in crop production now and appears that it will be even more important in the future as it is more widely adopted, as the technology will likely become more affordable, and as it continues to improve over time.”
WASHINGTON – House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement today after the Committee on Education and the Workforce marked up and passed out of Committee H.R. 3441, the "Save Local Business Act," of which he is an original co-sponsor:
“I’m encouraged by the progress of this important bill. As I’ve mentioned before, small businesses have been hurting under this rule for more than two years. It created unnecessary confusion and burdensome challenges for job creators that just want to grow their companies. After hearing first-hand from the small businesses community how it is damaging their ability to expand, it is time to put an end to this rule,” said Chairman Chabot.
In April 2015, the Committee first held a roundtable on the emerging issue. The National Labor Relations Board (NLRB) then expanded its definition of the joint employer standard in August 2015. In March 2016, the Committee held a hearing titled, “Risky Business: Effects of New Joint Employer Standards for Small Firms” to examine the direct impact of the rule on small businesses.
The bill was also endorsed by the Small Business and Entrepreneurship Council (SBEC).
WASHINGTON—Today, Members of the House Small Business Committee heard from a panel of witnesses representing all sectors of small business on a key issue facing not only America’s 29 million small businesses, but also Congressional leaders—tax reform.
“As the discussions surrounding tax reform echo in the Capitol, it is paramount that part of the conversation involves the job creators themselves – the startups; the entrepreneurs; and the small businesses that transform Main Streets across America,” said Chairman Chabot (R-OH). “However, as the technology revolution changes business ecosystems, the tax code continues to hold small businesses back.”
A Modernized Tax Code for the Modern Day Economy
Tax reform continues to be a top priority for both small business owners and the Committee. The last time the tax code was comprehensively updated was 31 years ago. The witnesses examined how the proposed changes in H.R. 3717, the Small Business Owners’ Tax Simplification Act of 2017, could impact the nation’s job creators.
“On top of the compliance burden, our tax code has not kept pace with our changing economy. Technology has been a game changer in the way we do business, evident by the explosion of ecommerce and the sharing economy,” said Kristie Arslan, Entrepreneur-in-Residence at the Small Business & Entrepreneurship Council and owner of Popped! Republic Gourmet Popcorn in Alexandria, VA. “We believe that a pro-growth tax code is vital to reinvigorate entrepreneurship and improve the competitiveness of the U.S. economy. Our nation needs a tax code that enables small business sustainability and growth – the combined approach of tax cuts, tax reform and tax simplification will get us there."
“Small businesses create about 64% of new private sector jobs. Yet the tax code is not user-friendly for small and medium-sized companies. Like most companies with fewer than ten employees, we don’t have a department or even a person dedicated to tax filings,” stated Taylor Wyatt, President of MotionMobs in Birmingham, AL. “Making the process of paying taxes user-friendly is very important, and this legislation would be a good step in that direction.”
“In our view, what is truly exciting is that these marketplaces have given rise to a new entrepreneur, the solopreneur. By our estimates, of the 4 million listings on Airbnb worldwide, 2 million are in the United States. Lyft claims about 100,000 drivers in the U.S. market while Uber has 1.5 million drivers worldwide,” added Miguel Centeno, Partner at Shared Economy CPA in Redondo Beach, CA. “And for all the work and trust and community these entrepreneurs are building, it is my view that what they are offered in terms of tax benefits is extremely lacking.”
“Introduced as a bipartisan bill, H.R. 3717 proposes commonsense changes to better meet the needs of the growing number of sharing economy operators and self-employed small business owners,” said Caroline Bruckner, Managing Director of the Kogod Tax Policy Center at American University in Washington, DC. “H.R. 3717 provides simplification and tax relief to small businesses navigating the uncertainty of the current tax code, particularly those taxpayers who are subject to the quarterly-estimated payment rules, the Form 1099 reporting rules, and self-employed small business owners paying for their own healthcare coverage.”
WASHINGTON – Today, House Small Business Committee Chairman Steve Chabot (R-OH) and Vice-Ranking Member Alma Adams (D-NY) held a roundtable to discuss private sector entrepreneurial development programs, and, specifically, the Goldman Sachs 10,000 Small Businesses initiative. Participants included Goldman Sachs executives, Community Development Financial Institution lenders, and small business owners who have utilized the entrepreneurial development program.
The 10,000 Small Businesses program helps entrepreneurs create jobs and economic opportunity by providing greater access to education, capital, and mentorship. To date, the program has served over 7,700 small business owners across all 50 states.
“Today’s roundtable gave the Committee Members a chance to hear from small businesses that have benefitted from their participation in the 10,000 Small Businesses program. This successful private sector initiative is an intensive education and mentorship program that matches educators, business leaders, and lenders to grow small businesses in our communities,” said Chairman Chabot.
“While the program itself is helping so many small firms from across our country, we also heard that a confusing tax code and burdensome regulations continue to hold small businesses back. Here on the Committee, we will continue to address these barriers to growth so small firms can continue to do what they do best – innovate and create jobs,” Chairman Chabot added.
Chairman Chabot has introduced legislation, H.R. 3717, the Small Business Owners’ Tax Simplification Act, to create more clarity within the tax code, as well as H.R. 33, the Small Business Regulatory Flexibility Improvements Act, which passed the House as part of H.R. 5, the Regulatory Accountability Act, earlier this Congress.###
The hearing will examine how the United States tax code affects small businesses and how changes proposed in H.R. 3717, the Small Business Owners’ Tax Simplification Act of 2017, could impact the nation’s job creators.
1. Hearing Notice
2. Witness List
3. Hearing Memo
4. Opening Statement
Ms. Kristie Arslan
Entrepreneur-In-Residence and Small Business Counsel
Small Business & Entrepreneurship Council
Mr. Thomas Gorczynski
Hacksmith Labs Chicago, IL
Mr. Miguel Centeno
Shared Economy CPA
Redondo Beach, CA
Ms. Caroline Bruckner
Managing Director, Kogod Tax Policy Center
Executive-in-Residence, Accounting and Taxation
Kogod School of Business
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement after the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework to fix our broken tax code:
“Today, we took a positive step toward fixing our broken tax code and helping provide relief to the tens of millions of small businesses across our country who continue to be held back by a broken system. Small businesses deserved a voice in the largest tax reform in 31 years and today they were heard. This unified plan will provide small business owners, their families, and their employees with a simpler and fairer tax code that will help their bottom lines, and also grow our economy,” said Chairman Chabot.
Earlier this month, Chairman Chabot introduced legislation H.R. 3717, the Small Business Owners’ Tax Simplification Act, to create more clarity within the tax code and allow small business owners to both offer and participate in cafeteria benefit plans.###
CINCINNATI – Today, Small Business Administration (SBA) Administrator Linda McMahon, and House Committee on Small Business Chairman Steve Chabot (R-OH), visited Cincinnati manufacturer Faxon Machining for a tour of the facility and for a roundtable discussion with several local small businesses.
“I take every opportunity I can to hear straight from small businesses about what is working or what barriers they are still facing in the current economy. Not surprisingly, a majority of the businesses today were most concerned with burdensome federal regulations and the increasing complexities of the tax code. I couldn’t agree more and have been leading our Committee to address these issues in our hearings and the legislation we help pass, an effort which includes working with our colleagues on other committees. Our tax code needs to work for, not against, small businesses, and we need to continue pushing for real regulatory reform,” said Chairman Chabot.
“I thank Administrator McMahon for visiting and continuing to listen to small business concerns here in Ohio and across the nation,” Chabot added.Chairman Chabot has introduced legislation, H.R. 3717, the Small Business Owners’ Tax Simplification Act, to create more clarity within the tax code as well as H.R. 33, the Small Business Regulatory Flexibility Improvements Act, which passed the House as part of H.R. 5, the Regulatory Accountability Act.
The Committee on Small Business Subcommittee on Health and Technology will meet for a hearing titled, “Tech Talks: How SBA Entrepreneurial Development Programs Have Evolved with Technology.” The hearing is scheduled to begin at 10:00 A.M. on Thursday, September 14, 2017 in Room 2360 of the Rayburn House Office Building.
The hearing will provide the Committee with an opportunity to examine how the Small Business Administration’s Entrepreneurial Development programs have adapted their training and counseling programs to reflect the market’s increased reliance on technology. This hearing will focus on highlighting the ways in which Entrepreneurial Development centers and programs have not only incorporated varying levels of technological training into their programs, but also how centers are employing technology administratively to increase services to their clients.
1. Hearing Notice
2. Witness List
Ms. Marsha Bailey
Founder and CEO
Women’s Economic Ventures
Santa Maria, CA
Mr. Scott Daugherty
North Carolina Small Business Technology Development Centers
Raleigh, North Carolina
Ms. Bridget Weston Pollack
Vice President of Marketing & Communications
WASHINGTON - Today, Members of the House Committee on Small Business Subcommittee on Health and Technology heard from a panel of entrepreneurial experts on the technological evolution of the Small Business Administration’s (SBA) Entrepreneurial Development Programs. Many of these programs have adapted their curricula to reflect the increased reliance on technology small businesses must utilize in order to be more competitive in the market.
“As technology has continued to advance, businesses of all sizes have adopted various forms of technology as a way to increase efficiency and decrease costs,” said Subcommittee Chairwoman Aumua Amata Coleman Radewagen (R-AS). “And as this reliance on technology has become more prevalent, more and more small businesses have found that an increased use of these technological tools is necessary to allow their businesses to compete and succeed in the market.”
A Changing Economy Calls for New Strategies
SBA has a range of entrepreneurial development programs throughout the country to help small business owners navigate the complexities of opening their own shop. They include the Service Corps of Retired Executives (SCORE), Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), and Veterans Business Outreach Centers (VBOCs).
“The advent of the internet, email, and cell phones more than a decade ago ensured that all businesses would need to change. I am proud to say that WBCs have adopted new technology for the betterment of the entrepreneurs that rely on us,” said Marsha Bailey, Founder and CEO of Women’s Economic Ventures in Santa Barbara, CA. “Technology allowing for distance-learning fills a gap in needs in rural areas in particular, where in-person services are simply not an option. Some WBCs have established computer labs, both stationary and mobile, which are particularly important for rural areas where access to broadband is not always available.”
“Customers are driving the demand for digital interactions. Among recent Microsoft survey respondents, an equal number wanted in-person and digital experiences including website, email and social media,” added Scott R. Daugherty, Assistant Vice Chancellor and Executive Director of the North Carolina Small Business Technology Development Center in Raleigh, NC. “As companies move toward digital engagement, clients become accustomed to the fast response and it becomes an expectation.”
“Technology is not new to SCORE, but its constant evolution presents a powerful opportunity for SCORE to continue to serve our clients when and how they want to be served. For this reason, SCORE has successfully integrated technology into every aspect of our business practices,” said Bridget Weston Pollack, Vice President of Marketing and Communications with the SCORE Association in Herndon, VA. “In addition to technology-focused mentoring, SCORE regularly develops and shares the best and most current technology resources and educational materials via our website and distribution channels.”
“VBOCs primary mission is to conduct entrepreneurial development training dealing specifically with the key issues of self-employment, meaning owning and succeeding in a business of their own,” said Brent Peacock, Director at the Veterans Business Outreach Center at Gulf Coast State College in Panama City, FL. “Thanks to the rapid pace of technology an online learning, we can Skype, use webinars, and employ online resources to help dozens of clients in a day. Technology has made a significant impact on our productivity and effectiveness as a government funded entity.”
WASHINGTON – This week, House Committee on Small Business Chairman Steve Chabot (R-OH) sent a letter to two House Education and the Workforce Subcommittees in support of H.R. 3441, the “Save Local Business Act,” of which he is an original co-sponsor. The National Labor Relations Board (NLRB) expanded its definition of the joint employer standard in 2015, creating confusing and new challenges for small businesses that want to work with other small and large firms to expand their companies.
“Small businesses have been hurting under this rule for the last two years and it’s time we put an end to it. Under the new standard, a potential small business owner may avoid buying a franchise because of the risk of being punished for the actions of a franchiser. It has also created a lot of confusion and unnecessary challenges for job creators that just want to grow their companies,” said Chairman Chabot. “This legislation will restore certainty to America’s small business owners and their employees so that they can continue to operate their businesses locally and independently.”
As Chairman of the House Committee on Small Business, Chairman Chabot has heard firsthand how the new joint employer standard threatens small businesses. The Committee held a roundtable in April 2015 and in March 2016 held a hearing on the issue titled, “Risky Business: Effects of new Joint Employer Standards for Small Firms” to examine how the expanded rule impacted small businesses.###
The Committee on Small Business will meet for a hearing titled, “Serving Small Businesses: Examining the Effectiveness of HUBZone Reforms.” The hearing will take place at 11:00 A.M. on Wednesday, September 13, 2017 in Room 2360 of the Rayburn House Office Building.
The hearing will examine legislation updating the Small Business Administration’s (SBA) Historically Underutilized Business Zones (HUBZone) Program, which seeks to provide federal contracting opportunities to small businesses in economically distressed areas of the country. H.R. 3294 is a bipartisan, comprehensive HUBZone reform bill designed to address concerns brought by small businesses as well as the Government Accountability Office
1. Hearing Notice
2. Witness List
Ms. Shirley Bailey
Co-Owner-Executive Vice President and Chief Operating Officer
LLC Oakland, MD
*Testifying on behalf of the HUBZone Contractors National Council
Mr. Robert A. Schuerger, II
Principal and Attorney at Law
Law Offices of Robert A. Schuerger Co., LPA,
WASHINGTON – Today, the House Small Business Committee heard from small businesses within the Small Business Administration’s (SBA) Historically Underutilized Business Zones (HUBZone) program. Specifically, the Committee heard testimony on H.R. 3294, the “HUBZone Unification and Business Stability Act,” introduced by Ranking Member Nydia Velazquez (D-NY) and Chairman Steve Chabot (R-OH).
“The program’s core mission is to bring economic hope, independence, jobs, and businesses to depressed areas marked by high unemployment and poverty. This is accomplished through the use of federal contracting preferences. H.R. 3294 helps the program achieve its mission objectives by providing legislative solutions to the challenges and weaknesses identified by small businesses and government watchdogs,” said Chairman Steve Chabot.
Because HUBZone area determinations frequently change, as often as annually and potentially several times per year, small businesses are unable to anticipate shifts in HUBZone area designations and do not know when they will occur.
“The uncertainty resulting from the annual designation updates not only impacts HUBZone companies, it negatively impacts the economic stability of the communities in which the company and employees reside. I am pleased to see that the Committee has taken steps to address this issue and others in H.R. 3294,” said Shirley Bailey, President and Board Chair of the HUBZone Contractors National Council in Washington, D.C.
“In my view, H.R. 3294 provides much needed stability to companies like mine. Clinton County, home of Wilmington, will lose its HUBZone designation in 2018. I certainly favor the approach in H.R. 3294 which freezes the current HUBZone eligibility maps until 2020. It would provide us with the transition time our firm needs while we decide how to keep our valued employees and finding a new office,” said Robert A. Schuerger, II, Principal and Attorney at Law at the Law Offices of Robert A. Schuerger Co., LPA in Columbus, OH.
“So my message to you echoes what we have heard from my fellow HUBZone firms. We need you to give HUBZone firms stability by extending the re-designation period as you have in HR 3294. This bill, which was introduced by both the Ranking Member and the Chairman, if enacted now, will freeze the HUBZone map until 2020 and then only be changed every 5 years. This will give communities and their businesses time to build resources to compete in a post HUBZone environment,” said Dennis DuFour, President of TDEC in Oakland, MD.
“Wovenware is a perfect example of a company that would greatly benefit from revisions to the current HUBZone program. Not only do we have the expertise, experience and drive to provide needed technology services that rival or exceed the capabilities of other U.S. companies, but securing more federal contracts would enable us to organically grow our business, employ more local workers and contribute to the revitalization of the economy in Puerto Rico,” said Carlos Melendez, Chief Operating Officer and Co-Founder at Wovenware in San Juan, P.R.
WASHINGTON – Today, House Small Business Committee Chairman Steve Chabot (R-OH) released the following statement after sending a letter to the Chairman and Chief Executive Officer of Equifax, Richard Smith, following the data breach that potentially affected 143 million Americans:
“With more than 140 million Americans’ personal information at stake, my hope is that Equifax responds quickly to our concerns on the data breach. We need to ensure that we minimize the damage inflicted upon everyone, but for us particularly, the small business community,” said Chairman Steve Chabot.
In the letter, Chairman Chabot stated:
“The compromised information includes, at a minimum, names, Social Security numbers, birth dates, and addresses, as well as credit card numbers for over 200,000 consumers.”
In light of its concerns, the Committee requested the following information as soon as possible, but by no later than noon on Tuesday, September 26, 2017:
1. How many small businesses/owners are affected by the data security breach?
2. Who is responsible for the data breach, how did the perpetrators penetrate Equifax’s cyber defenses, and, specifically, what information was compromised?
3. What effort is Equifax making to assist its customers who own small businesses in securing their personal information and preventing future fraudulent activity as a result of this cyber breach?
4. What steps is Equifax taking to ensure the small business owners impacted by the data breach will not be adversely effected when applying for credited to start or expand their business operations?
The full letter can be read HERE.
Earlier this week, the House Small Business Committee sent a separate letter to the Federal Trade Commission urging action on the data breach.
WASHINGTON – Recently, Vice Chairman Blaine Luetkemeyer (R-MO) wrote an op-ed in the News Tribune in Jefferson City, MO about the House Small Business Committee hearing titled, “How Streamlining Federal Permitting Can Cut Red Tape for Small Business.” The hearing examined how federal permitting requirements burden small businesses and ways to streamline the process.
“As many of you know, before a business can begin a construction project it is required to obtain a myriad of permits from the federal government. The federal permitting system is a complex and costly regulatory network, particularly in the construction industry,” stated Vice Chairman Luetkemeyer.
“The National Environmental Policy Act, Clean Air Act, Clean Water Act and the Endangered Species Act (ESA) are just a few examples that place undue burdens on small businesses through the permitting process. Often times these laws produce unnecessary and duplicative regulations with multiple government agencies regulating the same actions,” added Luetkemeyer.
To read Vice Chairman Luetkemeyer’s full op-ed, click HERE.
“The Equifax data breach is a disturbing reminder that there are cyber security threats that span the grid. From the Department of Defense, to Fortune 500 companies, to the smallest mom and pop shop in your neighborhood, these threats and breaches must be taken seriously in an ever-increasingly connected economy,” said Chairman Steve Chabot.
In the letter, Chairman Chabot stated:
“The compromised information includes, at a minimum, names, Social Security numbers, birth dates, and addresses, as well as credit card numbers for over 200,000 consumers. The Committee has concerns regarding the cyber incident’s impact on America’s small business community.”
The Committee called for answers to the following questions by no later than September 25, 2017:
1. How many small businesses/owners are affected by the data security breach?
2. What steps is the FTC taking to assist its customers who own small businesses to secure their personal information and prevent future fraudulent activity as a result of this cyber breach?
3. What steps is the FTC taking to ensure that small business owners impacted by the data breach will not be adversely affected when applying for credit to start or expand their business operations?
4. What is the current status of the FTC’s engagement with Equifax, and how is the FTC working with Equifax to ensure that all necessary precautions are being taken to protect the personal information of Equifax’s customers?
5. What effort, if any, is the FTC making to encourage TransUnion and Experian to take necessary precautions to prevent future attacks?
The full letter can be read HERE.
WASHINGTON - Today, House Small Business Committee Chairman Steve Chabot (R-OH) introduced H.R. 3717, the Small Business Owners’ Tax Simplification Act, to create more clarity within the tax code and allow small business owners to both offer and participate in cafeteria plans. Ranking Member Nydia Velázquez (D-NY) is an original co-sponsor of this bill.
“Thanks to the innovation of today’s small business owners, we can now order food or catch a ride from our phone. Unfortunately, though, our current tax code has not kept pace with today’s innovators,” said Chairman Chabot.
“Issues such as a whether a worker is considered an employee or contractor still need to be addressed and updated. Additionally, small business owners should be allowed to participate in Health Savings Accounts and pension plans offered to their employees to best meet the needs of their company. Whether a small business is offering a ride, making a delivery, or manufacturing new technology, it’s time we fixed the inequalities they face within our tax code,” Chabot concluded.
“Our tax code no longer works for small businesses and is too outdated to keep up with the needs of a new generation of entrepreneurs in the sharing economy. Over 3 million people earn income as microentrepreneurs through the sharing economy. But, because the tax code has not been updated since 1986, it creates complexities that serve to stifle their efforts and burden them with additional costs,” said Ranking Member Velázquez
“These are not the only policies creating inequities for small employers. From reporting deadlines and filing thresholds to health and benefit plan parity for the self-employed, small business owners need a better tax code. I am pleased that the Chairman and I could come together to draft a bipartisan tax package to address the tax needs of small firms in every industry,” Velázquez added.
1. Hearing Notice
2. Witness List
Mr. Michael Farren
George Mason University
Mr. Bruce Seilhammer
Electrical Construction Group Manager
Camp Hill, PA
Mr. Gardner Carrick
Vice President of Strategic Initiatives
The Manufacturing Institute