Rick Barrett reported last week at the Milwaukee Journal Sentinel Online that, “Pitching legislation that would increase a tax deduction for business startups by fourfold, U.S. Sen. Tammy Baldwin was in Milwaukee on Saturday to meet with a group of entrepreneurs.
“Baldwin, a Democrat who faces re-election next year, met with small-business leaders at gener8tor, a program that supports the growth of companies through mentoring, connections to investors and technologists.
“Gener8tor also operates programs in Minneapolis and Madison. It’s ranked among the top 16 accelerator programs in the U.S. by the Seed Accelerator Rankings project.”
The article noted that, “Baldwin discussed legislation she introduced Thursday that would increase the startup tax deduction for new small businesses from the current $5,000 to $20,000, allowing business owners to put money back into their companies sooner.
“The deduction’s phase-out threshold would be raised from $50,000 to $120,000. Also, the current startup tax deduction would be extended to include organizational expenditures regardless whether a business is organized as a partnership or corporation.
“Baldwin said her legislation, named the ‘Support Our Start-Ups Act‘ is aimed at helping businesses as they are getting started.”
