House tax writers have rolled out a measure to permanently extend tax rules that allow small business to quickly write off investments.
{mosads}Reps. Pat Tiberi (R-Ohio) and Ron Kind (D-Wis.) introduced the same measure in the last Congress. House Majority Leader Kevin McCarthy (R-Calif.) has said the chamber will vote to permanently extend the expensing rules this month.
“It’s been proven that members of both parties can unite around this issue and pass this critical legislation,” Tiberi said in a statement.
The House voted twice in 2014 to extend the expensing rules for good, but the Senate approved neither measure. President Obama signed a measure in December that extended the small business measure and dozens of other tax breaks through 2014. The incentives had expired at the end of 2013.
Under the bill from Tiberi and Kind, small businesses would get to immediately deduct up to $500,000 in equipment. Because the provision expired at the end of 2013, owners can currently write off $25,000 in investments immediately.
Congressional Republicans don’t yet have a plan for restoring the tax breaks that expired at the end of 2014, even though the House will vote to extend the expensing rules and other incentives this month.