Nevada senator introduces bill aimed at small business start-ups

Sen. Jacky Rosen introduced legislation today aiming to provide tax relief to entrepreneurs starting a small business.

The Tax Relief for New Businesses Act, co-sponsored by Rosen and other Democratic senators, will increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses.

Small businesses currently can only deduct up to $5,000 in startup costs in the first year, but they spend an average of $40,000 to get their businesses started, according to Rosen’s office.

“We know that upfront costs are one of the biggest challenges that prevent entrepreneurs from starting a new business,” Rosen, D-Nev., said in a statement. “Especially now, at a time of increased economic hardship and uncertainty, this commonsense legislation will help entrepreneurs in Nevada and across our nation pursue their dream of starting a business.”

Local chambers of commerce have expressed their support for the legislation, including the Reno + Sparks Chamber of Commerce, the Latin Chamber of Commerce, the Urban Chamber of Commerce and the AAPI Chamber of Commerce.

Contact Jessica Hill at jehill@reviewjournal.com. Follow @jess_hillyeah on X.