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.
Despite the credit’s current uncertainty in Congress, experts say that small business owners should pay attention to lawmakers’ discussions because of the provisions the tax break could provide their companies once a compromise is reached.
By a vote of 96 to 3, the Democrat-controlled Senate took its first step in reviving a plethora of expired tax breaks by advancing a bill on Tuesday that would extend the provisions for two years, adding nearly $85 billion to the deficit.
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.
The Senate panel voted today to revive about 50 of the 55 tax breaks that expired at the end of 2013, including benefits for auto-racing tracks, wind energy, and bonus depreciation for businesses. The package of tax "extenders" still needs the support of the full Senate and House.
A bipartisan bill that would provide a permanent tax incentive to family farmers, ranchers, and other landowners who choose not to develop their land but preserve it for conservation is expected to be introduced by two lawmakers in the House.
California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.