From the Vending Times
Issue Date: Vol. 54, No. 7, July 2014, Posted On: 6/17/2014
House Votes To Make Small Business Tax Relief Permanent; H.R. 4457 Heads To Senate Hank Schlesinger firstname.lastname@example.org
WASHINGTON — The U.S. House of Representatives last week passed the Small Business Tax Relief Act in a 272-144 vote.
H.R. 4457, which would make permanent small business expensing outlined in Section 179 of the tax code, is sponsored by Rep. Pat Tiberi (R-OH) and supported by a wide range of small business organizations.
The bill would allow small businesses to immediately write off certain expenses as a deduction in a single year, rather than depreciating those costs over a number of years. “This is a commonsense bill that’s about supporting small business so they can create jobs,” Tiberi said. “My bill provides predictability by making permanent a small business expensing measure that’s been part of the tax code in some form since the 1950s. Business owners across Ohio have told me that the measure reduces compliance costs for small businesses, reduces the cost of capital and improves cash flow allowing them to invest, expand and create jobs. I am pleased my colleagues agree that creating stability for small business owners can grow the economy.”
Nevertheless, the bill is not expected to pass the Senate. Democrats in the upper house have signaled their oppositions on the grounds it’s too expensive. They do support an extension of two years, however, which leaves room for some compromise.