Rep. Hank Johnson, whose district includes portions of Tucker, i ntroduced "The Help Entrepreneurs Create American Jobs Act" and "The Fairness and Transparency in Contracting Act" last week.
A press release from Johnson's office states:
The Entrepreneurs Act, a bipartisan bill, would permanently double the tax cut for start-up businesses. The Fairness in Contracting Act would ensure that federal small business contracts go to genuine small businesses instead of subsidiaries of large companies.
See the attached video of Johnson introducing the bills.
Under the entrepreneur act, the first-year startup expenses deduction would go from $5,000 to $10,000 for good. According to Johnson's office, the bill has 30 co-sponsors from both parties. The release also states that this bill "will also increase the ceiling at which deductions begin to phase out from $50,000 to $60,000."
In the "The Fairness and Transparency in Contracting Act” the definition of a small business in the Small Business Act would make it a requirement that no publicly traded company could qualify as a small business. The bill "also allows a person to file a complaint if they have evidence that a small business contract was improperly awarded," the release states.
There were "more than 15 investigations that exposed widespread abuses in the federal small business contracting programs," the release states, leading to the creation of the act.