By Staff Reports
(Victor Valley)– Today, Rep. Paul Cook (R – Apple Valley) voted in support of H.R. 4718, a bill to make equipment depreciation permanent for American small businesses. This bill will open the door for economic growth by giving small businesses the stability and certainty they need to create jobs.
Under current tax law, a small business owner may depreciate up to 50 percent of the cost of the equipment necessary to keep their business competitive in the first year. H.R. 4718 will make permanent this section of the tax code, allowing small businesses to modernize their infrastructure and create a stable environment for business owners to make capital purchases. This will allow for a more efficient production of American products and stronger job growth.
Cook said, “As we’ve seen, short term tax policy is bad for businesses and bad for economic growth. This legislation brings stability to America’s job creators. It gives them the ability to plan ahead for growing their business and reinvesting capital to create new jobs. I’m proud to support this important jobs bill.”
A member of the House Foreign Affairs, Armed Services, and Veterans’ Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.