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Peters proposes cutting tax filings

Rep. Scott Peters on Tuesday introduced a bill designed to cut red tape for small businesses by letting them file tax returns just once a year instead of every quarter, as currently required.

Peters' bill, HR 5636, would apply to any startup or business with less than $1 million in annual revenue.

Peters introduced the bill in the midst of a tough re-election campaign against former San Diego City Councilmember Carl DeMaio, whose own campaign has revolved around the idea of cutting taxes and trimming red tape.

The San Diego Regional Chamber of Commerce, which has made no endorsement in the race, said it had been contacted by Peters' staff for input on the bill. The finished product will be aired next week at a meeting of the Chamber's legislative and small business advocacy committee.

The Chamber said the bill would "streamline tax paperwork and reduce duplicative tax assessments, both of which the business community sorely needs." The conservative Tax Foundation said the bill will "reduce administrative costs and promote some growth."

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