Friday, June 13, 2014

House Approves Permanent Small-Business Tax Break

The House voted Thursday to make permanent a tax break allowing small businesses to write off up to $500,000 in new equipment purchases.
While the move adds to momentum for congressional efforts to extend a range of now-temporary tax breaks, it also sharpens a conflict between the House and Senate over whether to extend the breaks permanently or temporarily.
Thursday's vote was 272-144, with several dozen Democrats joining Republicans to support the measure.

The expensing provision gives small businesses the ability to write off equipment purchases up front, rather than depreciating them over a period years. The amount has been set at $500,000 since 2010, but without congressional action would fall to about $25,000 for 2014.

The Wall Street Journal. - Read full article here.