including a legislative update, upcoming events, and more!
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Chamber News

 

Welcome New Members

 
 

Transportation Management Association of Chester County Launches Commuter Survey

 

Transportation Management Association of Chester County (TMACC) is on a mission to learn more about how people like you travel around the County. They're conducting a survey to gather insights into the commuting habits and transportation choices of residents and employees right here in Chester County.

 

Your input in this survey is super important! By taking just 10 to 15 minutes to tell them about your daily trips, experiences, preferences, and challenges, you’re helping them understand what transportation works well and where they can make things better.

 Your feedback will help shape the development of transportation solutions to be more effective and sustainable for our community.

On May 30th, one lucky respondent will take home the grand prize: a $50 Visa gift card, perfect for a special splurge. To be eligible, you must be 18 years or older, either live or work within Chester County, and complete the commuter survey. Winners will be publicly recognized each week, adding to the excitement and community spirit of the event.

Your input matters, and together, we can create a more efficient, accessible, and enjoyable commuting experience for everyone. Take the TMACC Chester County Commuter Survey 2024 today and be part of the positive changes ahead!

 

Legislative Update

 

Retroactive Tax Legislation Would Help American Small Businesses

 

Congress must seize this opportunity to enact H.R. 7024 and retroactively restore R&D expensing for American small and midsize businesses.

 

The U.S. Senate must act quickly on the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which would provide critical, long-awaited support and certainty to American small and midsize businesses.

 

Since 1954, American businesses have been allowed to deduct their research and development (R&D) expenses in the year incurred, just like their other ordinary and necessary business expenses.

 

Firmly rooted in the Internal Revenue Code, R&D expensing has been an uninterrupted U.S. tax policy for nearly 70 years and empowered American businesses to invest in innovative new products and services.  However, since January 2022, businesses have been required to amortize (deduct ratably) their domestic R&D expenses over five years.

 

Unlike R&D expensing, R&D amortization reduces economic growth, penalizes investments by companies in R&D-intensive industries—which has a disproportionate effect on smaller manufacturing and technology companies—and puts American businesses at a competitive disadvantage.

 

Delaying action any further risks the permanent loss of R&D spending and penalizes investment in R&D-intensive industries.

 

Impact on Small Businesses

Small businesses have been negatively impacted the most by R&D amortization.

 

Small businesses spend a much higher percentage of their sales on R&D than larger ones. Unlike some large corporations, small and midsize businesses usually do not have easy access to extra cash or the flexibility to move their R&D operations outside the United States (where R&D expensing is widely available).

 

Furthermore, since mandatory R&D amortization went into effect, many small businesses have suffered cash flow and liquidity issues, compounded by higher taxes on the same income. Small and midsize research-intensive companies have been especially hard hit, with some forced to take out high-interest loans, raise prices, and stop hiring just to survive and pay their taxes.

 

Manufacturing accounts for approximately 58% of private-sector R&D in the United States.  Small and midsize U.S. manufacturers are typically unable to move their R&D activities to more pro-growth tax environments outside the United States. Restoring R&D expensing, albeit temporarily, would help American small businesses immensely, especially those in the manufacturing and information technology sectors.

 

Bottom Line

Congress must seize this opportunity to enact H.R. 7024 and retroactively restore R&D expensing for American small businesses. This pro-growth legislation is vital to the survival of many of America’s most innovative small and midsize businesses. Its enactment would help resolve their cash-flow and liquidity issues while reinvigorating domestic capital investment. It would also represent an important step toward permanently restoring R&D expensing as a cornerstone of U.S. tax policy.

 

Want to read more about R&D?

Check out a recent opinion piece by CCCBI and LifeScience members Laura Berry, of Bowers R&D Associates and Emma Watson, of Novocure.

 

Guest Columnist

 

4 Elements of Successful Digital Marketing

by Thomas Padula

 

If you’re looking to improve your digital marketing efforts, knowing where to focus can be half the battle. With so many emerging technologies and changing metrics, most business owners feel lost and aren’t sure where to start.

 

I’ve worked with dozens of small businesses to help them get more customers and increase their brand awareness through digital marketing. And despite all the strategies and tactics out there, there are really four main elements of successful digital marketing.

 

  1. Have a strong website that converts users.
    It might seem basic, but you'd be surprised how many business owners overlook the power of a great website. It's the foundation of your business, your brand and all other aspects of digital marketing. If you're not converting users or capturing leads from your website, it's time to think about a redesign or contact a digital marketing agency that can help you optimize it for more lead generation.
  2. Leverage Google for free.
    The first place most consumers go when looking for goods or services is Google. Having a Google My Business Page can ensure you’re getting in front of people searching for businesses like yours. Check and make sure your Google Business Page is accurate, up-to-date and fully optimized for local searches.
  3. Social Media keeps you relevant.
    Social media is still king when it comes to staying relevant and increasing the brand awareness of your business. While it can be time-consuming, it’s still the foundation of a great digital marketing strategy. By consistently putting out valuable content, engaging in groups and interacting with your followers, you can reach your target audience and increase your brand awareness.
  4. Focus on high-quality SEO content.
    The rise of AI means that creating content is as simple as writing a prompt into ChatGPT. But is your content valuable and high quality? If you want to rank high on search engine results, you need to create content that goes beyond AI prompts and is optimized for search.

While traditional in-person networking and word-of-mouth referrals are great, it’s not helping you reach a large mass of potential customers quickly. With a strategic digital marketing plan, you can stay in touch with current customers while putting your brand in front of new customers.

 

If you’re curious about how to get started, feel free to reach out! I’m always here as a resource.

Thomas, the CEO & Founder of Padula Media, is a creative marketer and leader with determination and enthusiasm for every project and every client. He remains passionate about growing businesses by creating personalized solutions to draw traffic and build an online presence. Thomas has been recognized as one of the most influential leaders in Chester County under the age of 40.

 

Upcoming Events

 

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