All that was needed on Tuesday was a voice vote for the House of Representatives to pass a bill that would prevent state and local governments from taxing access to the Internet. Now the ball is in the Senate's court to pass its bill before the Nov. 1 deadline.
By a 258-to-160 vote, the Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Thirty-four Democrats voted for the legislation; two GOP lawmakers voted against it.
In a letter last week, a bipartisan group of more than 110 House legislators urged Ways and Means Committee Chairman Dave Camp not to repeal the last in, first out inventory accounting measure in his tax reform plan.
Legislation introduced by Democrats on Tuesday is aimed at curbing mergers that result in US companies paying less in taxes because their new legal tax residence is overseas – a tactic known as an “inversion.”
In a vote of 274 to 131, the House passed a measure on Friday that permanently extends the popular business R&D tax credit – which will add $156 billion to the deficit – despite a veto threat earlier this week from the White House.