LAS VEGAS, NV – Today, U.S. Senator Jacky Rosen (D-NV) announced new endorsements from local chambers of commerce for her Tax Relief for New Businesses Act, which would increase the startup tax deduction from $5,000 to $50,000. This legislation is being endorsed by the AAPI Chamber of Southern Nevada, the Urban Chamber of Commerce, the Las Vegas Asian Chamber of Commerce, the Latin Chamber of Commerce, and the Henderson Chamber of Commerce. The legislation was previously endorsed by the Vegas Chamber, the Reno + Sparks Chamber of Commerce, Main Street Alliance, and Center for American Entrepreneurship.
“Small businesses are critical for growing Nevada’s economy, and I’m working to help lower costs and cut taxes for people looking to start their own business,” dijo el Senador Rosen. “I’m proud to announce additional new endorsements for my common-sense bill to increase the startup tax deduction from $5,000 to $50,000. I’ll continue working with these local chambers of commerce and business groups to support our entrepreneurs and bolster our state’s economic growth.”
“The AAPI Chamber of Commerce of Southern Nevada proudly endorses this bill, as we believe it will greatly enhance economic opportunity not only for the AANHPI community but for all small business owners throughout Nevada and the United States,” said Catherine Francisco, President of the AAPI Chamber of Commerce of Southern Nevada. “The proposed increase of the startup tax deduction will provide a crucial financial lifeline to entrepreneurs who often face overwhelming startup costs and will be particularly beneficial for minority and immigrant business owners, many of whom struggle to access adequate capital and resources when starting their ventures.”
“The Tax Relief for New Businesses Act would help address the problem of excessive startup costs, which will expand opportunities for local entrepreneurs to launch their ideas,” said Assemblyman Cameron Miller, President of the Urban Chamber of Commerce. “The Urban Chamber of Commerce is proud to endorse this legislation to empower more Nevadans to achieve their dreams of owning a small business.”
“As Las Vegas’ AAPI communities grow and the dreams of being a business owner become a reality, the Tax Relief for New Businesses Act will reduce obstacles new business owners face during the startup phase,” said Ana Wood, Government Affairs Chair of the Las Vegas Asian Chamber of Commerce. “In a community comprised of diverse ethnicities, ensuring support for the Tax Relief for New Businesses Act is in the best interest of all Nevadans, including AAPI entrepreneurs and small businesses.”
As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has been working to bolster Nevada’s small businesses. Every year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape. Senator Rosen has also introduced the bipartisan Minority Entrepreneurship Grant Program Act to establish a Minority Entrepreneurship Grant Program through the Small Business Administration (SBA) to award grants to Minority Serving Institutions to promote and increase opportunity. Last year, Senator Rosen introduced the bipartisan One Stop Shop For Small Business Licensing Act to require the SBA to create a centralized website that includes federal, state, and local licensing and business permit information for starting a small business.
###
