A Tax Credit for the Little Guys

Colorado Senator Michael Bennet has filed an amendment to the US Senate Small Business Jobs Bill to create a 35 percent investment tax credit for rural microenterprises and beginning farmers and ranchers.

A credit is a direct reduction on taxes owed. Expenses on which the credit is claimed could not be deducted. The credit would be capped at $10,000 and could be carried back five years to reclaim taxes previously paid.

As this newsletter went to press, the amendment had gained the backing of National Farmers Union, Association for Enterprise Opportunity and the Center for Rural Affairs.