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...
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Source: Richard Rubin (www.accountingtoday.com)
