President Vetos Small Business Tax Breaks | AccountingWEB

President Vetos Small Business Tax Breaks

President Bush vetoed the supplemental appropriations bill Congress narrowly passed last week. The bill, which primarily would have provided money necessary to continue military operations in Iraq, also included a set of tax breaks for small businesses.

Congressional leaders have gone back to the drawing board with the difficult task of crafting a bill that can win a majority of votes in the House and Senate, be signed by the President, and be enacted within the next two weeks so that the military doesn't run out of money.

If the first two challenges cannot be overcome quickly, Congress might send the President a non-controversial bill that funds the war for two months. Such a bill would not include the tax provisions. However, if Congress does produce a second supplemental bill soon, the tax provisions are expected to be included.

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