September 23, 2014
Rep. Peters Intros Bill to Spur Startup Growth, Reduce Paperwork Burden
SAN DIEGO – Today, Congressman Scott Peters (CA-52) announced his introduction of H.R. 5636, the “Cut and Reduce Excess and Duplicative Tax Assessments and Paperwork for Entrepreneurs Act” (Cut REDTAPE Act), which allows startups or businesses with less than $1 million in revenue to file federal taxes annually instead of every quarter as is required by current law.
“Making it easier for San Diego’s entrepreneurs and innovators to start a new venture is critical to our economic success,” Rep. Peters said. “This legislation will reduce the compliance costs and paperwork burden that comes with quarterly tax filings – a burden that is stunting small and new businesses. As I continue to push for comprehensive tax reform that simplifies the tax code and makes our country more competitive, this bill would provide immediate tax reporting relief to the small companies that drive economic growth and job creation.”
The text of the Cut REDTAPE Act can be read HERE. The legislation is currently cosponsored by Rep. John Delaney (MD-06), Rep. Derek Kilmer (WA-06), Rep. Patrick Murphy (FL-18), Rep. Grace Napolitano (CA-32) and Rep. Juan Vargas (CA-51).
The San Diego Regional Chamber of Commerce had the following statement about the Cut REDTAPE Act: “Congressman Scott Peters’ Cut REDTAPE bill is a piece of legislation that would streamline tax paperwork and reduce duplicative tax assessments, both of which the business community sorely needs. The San Diego Regional Chamber of Commerce looks forward to hearing the bill at our Legislative and Small Business Advocacy Committee meeting next week, and we appreciate Congressman Peters’ staff reaching out to us for small business input to ensure this bill will be a marked positive change for our small businesses and entrepreneurs.”
A blog post from the Tax Foundation about the Cut REDTAPE Act stated in part, “This is a prudent piece of legislation that will reduce administrative costs and promote some growth, with virtually no downside.” That post can be read in full HERE.