U.S. Rep. Blaine Luetkemeyer (MO-9) today joined U.S. Rep. Betsy Markey (D-CO) in introducing the bipartisan Small Business Growth Act that will use tax breaks to encourage investment, expansion and job creation at America’s small businesses.

“Our small business men and women are the backbone of our economy and will help lead our economic recovery, and this legislation will provide them with the tools to invest, expand and hire new employees,” said Luetkemeyer, a member of the House Small Business Committee. “I look forward to working with my colleague Betsy Markey to advance this bipartisan legislation that will assist our small business owners during these tough economic times.”

The Small Business Growth Act will add a section to the Internal Revenue Code for a qualified real property deduction, allowing a business to deduct up to $125,000 of those costs immediately. Currently, small business owners can deduct expenses for new computers or office furniture, but they cannot take the deduction to renovate their property to be more energy efficient, add space or for purchasing a new cooling/heating system. 

This is not the first time Luetkemeyer has sponsored bipartisan legislation to help small business owners.

In May, Luetkemeyer’s first piece of legislation cleared the House. The legislation will make the Small Business Administration’s entrepreneurial development programs more effective and responsive to hard-working small business owners. The measure passed overwhelmingly in the House where it was co-sponsored by U.S. Rep. Heath Shuler (D-NC).