Bennet unveils plans to revive small businesses
U.S. Sen. Michael Bennet, D-Colo., called for increasing the exemption on estate tax and offering increased credit to small businesses to recharge the nation’s economy.
“Small business creates two-thirds of the nation’s jobs,” Bennet said Tuesday in announcing his small-business plan. “The economy is not going to recover until they have the credit they need to grow.”
Bennet’s plan calls for increasing the tax exemption for estates to $5 million for single filers and $10 million for couples. That would protect nearly half of those who would otherwise owe estate tax next year from having to pay any at all, he said.
Bennet also called for reviving the research tax credit and a clean-energy job-training tax credit up to $500 per employee to encourage businesses to invest in research and hiring.
He also calls for a tax credit for entrepreneurs who invest in struggling rural communities. The credit would benefit rural businesses with five or fewer employees and less than $1 million in revenue. They would be able to claim federal tax credits equal to 35 percent of a small-business investment.