Big, Beautiful Success Story: Family-Owned Small Business in Oklahoma is Expanding, Revitalizing Historic Community Thanks to Working Families Tax Cuts

WASHINGTON, D.C. - The Working Families Tax Cuts are giving small business owners the certainty to invest, expand, and create jobs. For Oklahoma small business owner Tina Patel, that's meant growing a family hotel business into a fixture of the Tulsa community. Mrs. Patel, co-principal and CFO of Promise Hotels in Tulsa, Oklahoma, employs more than 165 workers across seven hotels. Permanent tax relief, including the section 199A small business deduction and 100 percent bonus depreciation, is giving her family's company the certainty to grow without the fear of a tax increase. The renewed Opportunity Zone program has opened new opportunities in underserved areas, helping them develop a new hotel that is creating more than thirty jobs and bringing investment to Tulsa's historic Greenwood District.

"Making the 20 percent small business deduction permanent, restoring 100 percent bonus depreciation, and renewing the Opportunity Zone program gave Tina Patel's family-owned small business the confidence to grow, showing the importance of permanent tax relief," said Ways and Means Committee Chairman Jason Smith (MO-08). "From new hotel rooms that stimulate local tourism economies and bring more foot traffic to Main Streets, to new jobs sprouting up across Oklahoma and the rest of America leading to investments in local communities, this is exactly what the Working Families Tax Cuts were built to do."

In a recent testimonial, Mrs. Patel shared how Republican-enacted tax relief is delivering real benefits for her family business and the Tulsa community:

"My family has been in the hotel business for decades. We started with one roadside motel, where we did every job ourselves - from front desk, to housekeeping, to maintenance. Today, we are proud to own and operate seven hotels and employ more than 165 associates. That's why the Working Families Tax Cuts Act meant so much to businesses like ours. A predictable tax environment gives small business owners like me the confidence to plan for the future. Making the section 199A deduction permanent and restoring 100 percent bonus depreciation means we can continue investing in our properties, supporting our team members, and growing our business.

"The renewed Opportunity Zone program also helped us develop a hotel in Tulsa's historic Greenwood District, creating more than 30 jobs and investing in the community that's important to us. When small businesses have certainty, we invest, we hire, we grow. I am grateful to Chairman Smith and Congress for supporting policies that help family-owned businesses like Promise Hotels continue creating jobs and strengthening our local communities."

Click here to listen to Mrs. Patel's testimonial.

How the Working Families Tax Cuts Deliver for Main Street Job Creators

• Permanent 20 Percent Small Business Deduction: The nation's 36 million small businesses and their over 63 million workers will get permanent tax relief that creates over 1 million small business jobs and $750 billion in economic growth from American small businesses.
• Raising Small Business Expensing: Small businesses can immediately expense $2.5 million of capital purchases annually, doubling the limit prior to the Working Families Tax Cuts.
• 100 Percent Immediate Expensing: Allows small businesses to immediately expense the cost of machinery and equipment.
• Immediate R&D Expensing: Allows small businesses to immediately deduct the cost of domestic research and development (R&D), making small businesses more productive.
• Greater Interest Deductibility: Small businesses can deduct more loan interest, especially helpful during a period of elevated interest rates.
• Stops Attacks on Gig Workers: Repeals Democrats 1099-K gig worker rule that required Venmo, PayPal, and gig transactions over $600 to be reported to the IRS.
• Reduce Paperwork Burden: Increases the 1099-MISC threshold to $2,000.

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