Harris will reportedly announce the new proposal during a campaign event Wednesday.
Topline
Vice President Kamala Harris will soon propose a substantial boost to the tax deductions new small businesses can use on their startup expenses, according to multiple outlets, tacking on to a tax-focused economic plan she has revealed more of in recent weeks.Key Facts
The proposal will increase small businesses’ $5,000 allowable deduction for startup expenses to $50,000, according to CNBC.
New small businesses could allocate the tax deduction across multiple years or claim the full $50,000 deduction once their company turns a profit, CNBC reported.
Harris will reportedly unveil the proposal at a speech in New Hampshire on Wednesday.
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