Senator Olympia J. Snowe
Chair, Senate Committee on Small Business and Entrepreneurship:
“I applaud this step by the Internal Revenue Service to lessen the compliance burden of small businesses by expanding the number of businesses able to use simplified tax forms. This decision will provide useful relief for an estimated 500,000 small businesses by easing the filing threshold for business expensing.
“By making it easier to claim deductions for the cost of business investments, such as new equipment purchases, I believe we will provide additional fuel for economic growth that will expand our economy even more.
“I appreciate Commissioner Everson’s initiative to use his authority and help cut some of the enormous paperwork burdens on small business taxpayers.”
Representative Don Manzullo
Chairman, House Small Business Committee:
"Doubling the business expense threshold will allow 500,000 more small businesses to file the simpler expense form, saving them 5 million hours annually they would normally spend filling out their tax returns. That's 5 million hours they can instead spend on building their businesses and creating jobs.
"I congratulate the IRS and Commissioner Everson for recognizing that paperwork burdens cost our small employers time and money and distract them from their businesses and employees."