Monday, February 16, 2015

Faster Small-Business Equipment Tax Break Passed by House

The U.S. House of Representatives voted to revive a lapsed tax break for small businesses that encourages them to purchase equipment.

The 272-142 vote was short of the two-thirds majority needed to override a threatened veto by President Barack Obama. One Republican voted against the bill and 33 Democrats joined Republicans in supporting it.
The measure, which includes two narrower provisions for S corporations, would cost the government $79 billion over a decade in forgone revenue, according to the nonpartisan Joint Committee on Taxation
Until Dec. 31, 2014, small businesses were able to immediately write off as much as $500,000 instead of spreading the deductions over multiple years; that level dropped to $25,000 this year. The bill passed Friday would permanently reinstate the higher limit and index it to inflation...

To read full article, click here.
Source: Richard Rubin (

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