Holt Hosts Tax Workshop for Small Businesses

Congressman Rush Holt hosted a workshop for small businesses at the Monroe Township Library on Monday, Feb. 7. Holt, a Democrat who represents 44 towns in New Jersey’s 12th Congressional district, sponsored the event to educate business owners about new tax incentives that he has advocated.

"I'm pleased to hold another series of workshops to help other small businesses get ahead," said Holt to a room of about 20 small business owners and entrepreneurs.

The goal of the workshop was to explain the changes made to the tax code through the comprehensive American Recovery and Reinvestment Act, passed initially in 2009, and the Small Business Jobs Act of 2010.

According to Holt, there are 17 new tax advantages for small business owners that were created in the SBJA. “This is in addition to the tax credits for small businesses to provide health insurance for their employees,” said Holt.

Both the SBJA and ARRA  have provided valuable incentives to small businesses including tax credits for providing health insurance to employees, write-offs for new capital investment, and specific provisions for certain industries. For instance, there are new incentives for biotech companies to conduct research of drugs and therapies.

“I put a particular emphasis on trying to encourage innovation. I think that helps businesses of all kinds here. Even businesses that aren’t research-oriented can benefit, I think, from a growth in research-based businesses here in New Jersey,” said Holt.

Mike Elfenbein is a small business owner in the biomedical field. His business, located in Pennsauken, is an equipment service provider to the healthcare industry.

“The reason I’m here is that there’s some uncertainties regarding the Act,” said Elfenbein. “I want to understand how it works, and the degree to which it’s stable,” he added. 

A representative of a Cranbury-based company, who wished to remain anonymous, attended the event to gain information about the incentives and how they might save her business money.

"We don't want to take away benefits for employees," she said, reflecting on the still struggling economy.

Holt had to leave the event after his brief introduction. The full 90-minute presentation was led by Glenn Gizzi, a representative of the Internal Revenue Service, who explained the changes to the tax code in great detail. Gizzi presented the information directly from the IRS’s website via the conference room’s large projector screen. 

“The IRS itself has a lot of information that’s overwhelming”, said Gizzi, adding that the items are subject to change. Gizzi's role as a liasion requires him to continuously update his presentations on often complicated information.

“When Congress and the President change the law, the IRS is simply there to enact it. Our problem is, you have to give us a few minutes to absorb everything so we can come back out to you,” he said.

All those present for the workshop were invited to subscribe to free newsletters and access webinar services available through the official IRS.gov website.  

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