Aumua and House Small Business Committee Hold Tax Reform Hearing

Washington, D.C. –Wednesday, Congresswoman Aumua Amata, and the House Small Business Committee conducted a hearing on small business tax simplification and reform.

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“The U.S. Tax Code is complicated and difficult to navigate, making it challenging for our nation’s small companies to take full advantage of provisions designed to help them,” said Amata. “This committee takes seriously its responsibility to listen to America’s small businesses and to work with them, and I was encouraged to hear some of the Commissioner’s and my colleagues’ ideas on how we can simplify the tax codes, and provide the nation’s small businesses with the assistance they need,” continued Amata.

During the hearing, Congresswoman Amata questioned IRS Commissioner John Koskinen on the availability of tax credits to small businesses asking, “Two years ago the IRS made an improvement to the regulations that allow small businesses to claim the alternative simplified credit on an amended return…Are you aware of any other changes of this type that could be made to improve the credit’s availability to our small businesses, and can the territories be included in these improvements?” The Commissioner replied that there needs to be a “broader safe-harbor” for small businesses, which would allow them to utilize the credits without all of the complications. The Commissioner also stated that he would get back to the Congresswoman with a list of the tax credits that are available to small businesses in the territories.

“I want to thank Chairman Chabot, and Ranking Member Velazquez for holding this hearing today. It is essential that we enable our small businesses to utilize all of the tools and opportunities that Congress has provided for their success, and I am confident that through this committee’s work, we will be able to do just that,” concluded Amata.

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