Thune Introduces Amendments to Provide Permanent Job-Creating Tax Relief
-Amendments would encourage small business growth, entrepreneurship, and innovation-
WASHINGTON, D.C.— U.S. Senator John Thune (R-South Dakota) today introduced a number of job-creating amendments to the Senate’s legislation to extend expiring tax relief measures, commonly referred to as tax extenders legislation (H.R. 3474). The amendments would make permanent certain tax provisions that expired at the end of 2013, thus encouraging small business investment, promoting American research and innovation, simplifying the tax code for S-corporation shareholders, and preserving the ability of South Dakota taxpayers who itemize to deduct their state and local taxes.
“We need to do everything we can to make it easier and less expensive for small businesses to invest in their companies and create good paying jobs,” said Thune. “For decades, Congress has acted to temporarily extend key parts of the tax code leaving small businesses with uncertainty year after year. My amendments would provide these businesses with permanent tax relief, offering predictability and stability in our tax code. Making these commonly extended tax provisions permanent will help businesses to plan for the future, thus promoting job creation and economic growth.”
1) Permanent Section 179 Small Business Expensing: Thune’s amendment would make it easier for farmers, ranchers, and small business owners in South Dakota and across the country to make new investments. Specifically, his amendment would make permanent the $500,000 expensing limit for small businesses with less than a total of $2 million in qualifying property placed in service per year. Expensing allows small businesses to improve cash flow to reinvest in their companies.
2) Permanent S-Corporation Tax Relief and Simplification: Thune’s second amendment would make the research credit permanent and would also increase the credit rate from 14 to 20 percent. The tax credit, which has been temporarily extended 15 times since 1981, encourages businesses to continue investing in research and development and promotes jobs and manufacturing throughout the country. Thune’s amendment would continue to encourage investment by providing certainty for businesses planning their research and development.
3) Permanent S-Corp Built in Gains and S-Corp Charitable Contributions: More than 103,000 employees or 32 percent of South Dakota’s workforce is employed by a business organized as an S-Corp. Thune’s amendment would allow S-Corp businesses across the country to increase access to their own capital by making permanent the 5-year holding period for assets of a C-Corp converting to an S-Corp. Without a permanent fix, the wait period will revert to 10 years. Thune’s amendment would also help level the playing field between S-Corps and other types of businesses and ensure S-Corp owners are able to fully benefit from the value of their donations to charities.
4) Permanent State and Local Sales Tax Deduction: Thune’s fourth amendment would make permanent the state and local sales tax deduction. This amendment would put South Dakota taxpayers on an equal footing with taxpayers in the large majority of states with a state income tax. Nearly 16 percent of South Dakotans claimed the state and local sales tax deduction in 2011.
Not that I’m giving any degree of accuracy to the poll that just came out, but I found one statistic pretty darned funny:
Hubbel isn’t likely to pose much of a challenge next month, the poll shows. The percentage of people who have an unfavorable impression of her (16 percent) is twice as high as her favorable total.
Of those who know who she is, two out of three South Dakotans polled hate Lora Hubbel.
That’s got to be a new record.
I was speaking with an elected official today who indicated he caught one of Jason Ravnsborg on Fox this AM in Pierre. No indications on the amount of his ad buy yet, but he is on the air.
Alex Jensen announces candidacy for District 12 House.
Jensen sets goal to reduce the cost of Housing through Workforce Development.
Jensen says he recognizes the growing need to keep workers in the state. The need for electricians, plumbers, and all skilled workers is driving up the cost of all housing in Sioux Falls. Jensen says he believes the biggest competitor for our skilled workers is oil rich North Dakota and a weak post high school transitional system.
While working on the education committee for the Home Builder’s Association of the Sioux Empire (HBA), Jensen says he continues to see a need to create a better transition from high school into technical schools.
Jensen says he believes by fostering the right education for local youth, South Dakota can increase the skilled workers throughout the city of Sioux Falls and across the state, which would lead to lower housing costs. “We need to listen to our youth. We can work on aligning students’ interests with the needs of our community,” says Jensen. “In order to keep our skilled workers and youth in the state, we need to refine the transition from high school into their post high school education.”
To contact Alex Jensen, call 605-212-4407 or email email@example.com
From facebook, Obama Consultant Steve Hildebrand posted on his public wall this evening reiterating earlier comments that at one time he had a close relationship with GOP US Senate Candidate Annette Bosworth.
The difference from his earlier assertions is that he claims she may not have held such conservative views at an earlier time.
Bosworth had originally responded to the Hildebrand connection last November, with her response to the question of why Hildebrand has a beef with her:
Hildebrand claims the relationship broke down over money, and so does Dr. Boz. At least they can agree on one thing.
Only three weeks left until the election!
The naughty children at South Dakota Gun Owners were really busy at their copy machines recently churning out their cheap fluorescent postcards. As you can see from the following attack on Republicans:
(click on the images to enlarge)
The postcards are a bit silly to begin with, and they become all the more ridiculous when you look at the voted that they are counting against them. Two of the three votes are based on smokeout votes, where the legislators declined to override the committee which heard the measure, and rejected it.
Here’s an even bigger question – the exact same votes were cited on the Duvall/Rounds card. Why did they get “F’s” and Bolin/Anderson received “D’s”?
If smokeout votes are what the South Dakota Gun Owners base their legislative rankings… they’re pretty messed up on their priorities.
From KOTA TV comes the first article on the primary election portion of the push button telephone poll:
Here’s how the GOP U.S. candidates ranked as far as favorability among the voters who were polled:
Mike Rounds tops the list at 44 percent. He’s followed by Stace Nelson at 16 percent, Annette Bosworth at 11 percent, Larry Rhoden at 9 percent and Jason Ravnsborg at 4 percent.
The KOTA Poll was conducted by SurveyUSA for KOTA Territory News, along with our partners KSFY News in Sioux Falls and the Aberdeen American News. The margin of error was plus or minus 4.5 percent.
They term it ‘favorability,’ but it looks like these could be the head to head numbers. The best part of the KOTA article? The Dems are conceding a likely defeat already:
The horse race isn’t as much of a safe bet for Democrat Rick Weiland at 30 percent, according to longtime pollster Sam Hurst.
“He needs Pressler to take away from Governor Rounds but if this data is correct, it suggests that Pressler is taking just as many votes away from Weiland as he is from Governor Rounds. That’s not good for Weiland’s strategy,” Hurst said.
The telephone response poll I’d mentioned a day or so ago has been released this evening by the Aberdeen American News/KSFY/KOTA consortium, and shows Republicans firmly in the lead.
Not that anyone should rely too strongly on the results, because the methodology leaves some things to be desired with 500 anonymous respondents pushing buttons on their landline phones:
If the election for governor was today and Susan Wismer was Democratic candidate, who would you vote for?
• Daugaard: 56 percent
• Wismer: 23 percent
• Meyers: 13 percent
• Undecided: 9 percent
If the election for governor was today and the Democratic candidate was Joe Lowe, who would you vote for?
• Daugaard: 57 percent
• Lowe: 21 percent
• Meyers: 11 percent
• Undecided: 10 percent
If the election for U.S. Senate was today and Mike Rounds was the Republican candidate, who would you vote for?
• Rounds: 44 percent
• Weiland: 30 percent
• Pressler: 17 percent
• Howie: 3 percent
• Walker: 2 percent
• Undecided: 5 percent
Meh. I don’t think it means anything one way or the other. As I noted earlier, 500 respondents on automated polling does not make for great results.
Of course Daugaard is going to destroy the opposition. And yes, the Republican nominee for US Senate, if it’s Rounds as many expect, will be a little tighter since he has someone who has ran before, even someone as awful & boring as Rick Weiland.
I think the tip off is that the results for independents are far too high, given that nobody knows Walker or Meyers, and there’s no chance either will be advertising. Pressler might be able to break 10%, but I think 17% is unusually and artificially strong.
What is your take on the poll results? Gospel or garbage?