Bill Would Create New Small Business Tax Break
The proposed measure pushes for small businesses to give more ... & get back.
Two Republican lawmakers are hoping a new bill will give small businesses the same tax deductions as big corporations when they donate excess products to charity and nonprofits.
U.S. Reps. Aaron Schock and Bobby Schilling, both of Illinois, announced the legislation Thursday.
Currently there is no tax incentive for small businesses to donate extra inventory, although larger corporations can get the write-off, notes the Galesburg (Ill.) Register-Mail. This bill would help small businesses financially while addressing the growing needs of nonprofits.
Schilling, the bill’s co-sponsor, says that in 2011, 63 percent of charitable organizations experienced a rise in demand for their services.
—Caitlin Berens; photo by Stuart Miles
