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Maine’s small and mid-sized businesses need Congress to extend and protect the vital tax cuts lawmakers passed in 2017 that have helped them grow and create good-paying jobs for Mainers over the past eight years. I think the House-passed reconciliation bill is the perfect opportunity to do just that.
The House-passed reconciliation bill extends many of the Tax Cuts and Jobs Act’s (TCJA) economy-growing tax cuts and reforms that are set to expire at the end of the year or soon after, if they haven’t already. That includes immediate expensing for equipment and research and development, lower individual tax rates, and expansion of the child tax credit — all of which have benefited Maine’s small businesses, families, and economy.
The longer Congress waits to extend these reforms, the more uncertainty small and mid-sized businesses in Maine and nationwide will have to face as they continue to struggle with high inflation and rising costs. That’s why I think getting the House-passed reconciliation bill across the finish line quickly is critical for Maine businesses, residents, and communities to continue to reap the benefits of these reforms.
The TCJA was one of the most important pieces of legislation for American businesses in the past couple of decades. Preserving the reforms it made will help them continue creating jobs, supporting local economies, and strengthening communities nationwide. I believe Sen. Susan Collins and our entire delegation should help pass this House-approved reconciliation bill that protects the TCJA’s tax cuts as quickly as possible.
Jeff Timberlake
State senator
Turner
