{"database": "press", "table": "releases", "rows": [["https://www.baldwin.senate.gov/news/press-releases/baldwin-introduces-bill-to-give-small-businesses-entrepreneurs-50000-tax-break", "Baldwin Introduces Bill to Give Small Businesses, Entrepreneurs $50,000 Tax Break", "2024-09-26", "2024", "2024-09", "Democrat", "Senate", "WI", "Tammy Baldwin", "B001230", "www.baldwin.senate.gov", "baldwin", "https://www.baldwin.senate.gov/news/press-releases", "scraper", "WASHINGTON, D.C. \u2013 U.S. Senator Tammy Baldwin (D-WI) introduced legislation to provide tax relief to entrepreneurs looking to start a small business and reduce barriers for startups. The Tax Relief for New Businesses Act would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.\n\n\u201cOn Main Streets across Wisconsin, small businesses are creating jobs and contributing to our local economies. For too many entrepreneurs, starting a business can be out of reach and it\u2019s our job to break down the barriers in their way so more Americans can pursue their dreams,\u201d said Senator Baldwin. \u201cThis legislation is a commonsense step that will unlock opportunities for Wisconsin\u2019s next generation of small businesses and help ensure they have the capacity to grow, innovate, and shape the future of the Badger state.\u201d\n\n\u201cIf the US Senate passes this legislation it would help provide capital to reinvest in small business staff and get them to a stable, profitable bottom line much quicker. This would encourage existing and expanding businesses to invest and grow by improving cash flow in the early years of starting and growing the businesses. As a small business owner I strongly endorse this effort,\u201d said TJ Semanchin, owner of Wonderstate Coffee in Viroqua, WI.\n\n\u201cThe Tax Relief for New Businesses Act is a game changer for entrepreneurs, offering substantial financial relief when it's needed most,\u201d said Scott Resnick, Wisconsin startup advocate. \u201cBy significantly increasing the deduction and allowing more flexibility for growing startups, this policy reduces the financial burden of launching a business and paves the way for greater innovation and job creation across the Wisconsin economy.\u201d\n\n\u201cTitletownTech supports policy that reduces early-stage financial pressure on entrepreneurs and increases likelihood of startup success,\u201d said Jill Enos, Managing Partner of Titletown Tech in Green Bay.\n\n\u201cStarting a business is a vote of confidence in the future,\u201d said Richard Trent, Executive Director of Main Street Alliance. \u201cMen and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.\u201d\n\n\u201cRepeated research has demonstrated that new businesses \u2013 \u2018startups\u2019 \u2013 are a critical driver of economic growth, job creation, and opportunity expansion,\u201d said John Dearie, President of Center for American Entrepreneurship. \u201cBut launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That\u2019s why the Tax Relief for New Businesses Act is so important. The Act would increase the tax deduction of startup costs from $5,000 to $50,000, expand the types of expenses eligible for the deduction, and stretch the phase-out threshold of the credit from $50,000 to $150,000, allowing entrepreneurs to write-off more of the costs required to launch their business once they become profitable. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.\u201d\n\nThis legislation is also led by Senators Jacky Rosen (D-NV) and Jeanne Shaheen (D-NH) and endorsed by the Main Street Alliance and Center for American Entrepreneurship.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.baldwin.senate.gov/news/press-releases/baldwin-introduces-bill-to-give-small-businesses-entrepreneurs-50000-tax-break"], "units": {}, "query_ms": 0.7939930073916912, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}