Hoeven: Empower Small Businesses to Invest and Grow Through Tax Relief

Senator Outlined to President the Importance of Ensuring Tax Relief Works for North Dakota Families, Small Businesses and Farmers and Ranchers

WASHINGTON – Speaking on the Senate floor today, Senator John Hoeven outlined important tax reform priorities for North Dakota families and small businesses, including the state’s farmers and ranchers. The senator highlighted the importance of reducing costs for working families and small businesses by simplifying the code, bringing down rates and broadening the tax base to ensure stable revenues.

“We’re working with the Administration to enact tax reforms that will enable American families to keep more of their hard earned money and empower our small businesses to invest and grow,” said Hoeven. “We had a productive meeting with the President this week to talk about our priorities for providing tax relief, and I specifically highlighted to the President the importance of ensuring that tax reforms work for our small businesses and farmers and ranchers.”   

Hoeven stressed the importance of the following provisions to provide tax relief for North Dakotans:

  • Reduce the tax burden on individuals and small businesses, including farmers and ranchers.
    • The framework limits the maximum tax rate for small and family-owned businesses to 25 percent. 
  • Provide relief from the estate tax, while maintaining the step-up in basis for capital gains.
  • Increase expensing for small business owners.
    • The framework allows businesses to immediately expense or write off the cost of new investments for at least five years. This will benefit small businesses, including the state’s farmers and ranchers.
    • Maintain the Section 179 expensing of equipment, which is important for farmers.
  • Maintain interest deductibility for small businesses.
  • Maintain the property tax deduction.

Last week, Hoeven worked to pass and voted in favor of the Fiscal Year 2018 Budget Resolution, the necessary first step in enacting tax relief for individuals and families. Today, the House of Representatives passed the Senate Budget Resolution. Approval of the budget resolution will help Congress stay on track to pass tax reform and provide relief for the American people.

Last week, Hoeven spoke on the Senate floor to outline tax reform priorities for the nation’s farmers and ranchers.  The senator has also held a series of roundtable discussions with the North Dakota small businesses and farmers and ranchers to gather input and advance tax reform.