Rep. Randy Hultgren (R-Ill.) on Wednesday rolled out tax legislation aimed at helping small businesses.

Hultgren, a member of the House Financial Services Committee, touted the bill Wednesday while touring a supermarket in his district. He introduced the bill last week, just before Congress left for recess.

"As small businesses goes, so goes the American economy," Hultgren said in a news release. "It is time we give them the freedom, means and flexibility to expand and create jobs. My bill will give these employers room to grow by giving them back time and resources.”

Small businesses are typically organized as pass-through businesses that don't pay corporate income taxes. Instead, the owners of pass-through businesses pay taxes through the individual code on their companies' income. The top federal individual tax rate is 39.6 percent, and many pass-through businesses can have combined federal and state tax rates of more than 50 percent.

Hultgren's bill would create a 10 percent tax rate for pass-through entities' first $150,000 of income and a 20 percent tax rate for their first $1 million of income.

The legislation would also allow pass-through businesses to immediately deduct the full costs of their capital expenses. Additionally, all businesses with gross receipts under $25 million would be able to use simplified cash accounting for tax purposes.

Hultgren is not the only Republican lawmaker who wants to provide tax relief for small businesses.

Rep. Vern Buchanan (R-Fla.) offered a bill in April that would prevent pass-through businesses from having to pay a higher tax rate than corporations. Rep. Devin Nunes (R-Calif.) introduced a billearlier this year that would set a maximum tax rate of 25 percent for the net income of both corporations and pass-through entities.

The tax plan of presumptive GOP presidential nominee Donald Trump would lower the corporate tax rate from 35 percent to 15 percent and would also create a 15 percent tax rate for pass-through businesses.