The U.S. House of Representatives on Feb. 13 voted 272 to 142 in favor of H.R. 636, America’s Small Business Tax Relief Act of 2015, which would permanently extend Section 179 expensing of up to $500,000.
NATSO on Feb. 12 joined more than 150 associations representing small business owners from every industry sector in expressing support of the measure, introduced by Congressman Pat Tiberi (R-Ohio) and Ron Kind (D-Wisc.).
Since 2003, Congress has steadily increased the amount of investment that small businesses can expense from $25,000 to $500,000. However, these expensing limits were temporary, and in 2014 they reverted to $25,000. For small business owners, these ad-hoc changes created uncertainty that prevented long-term planning.
In the letter sent to Capitol Hill, the small business groups said the roller-coaster, ad-hoc changes in the level of small business expensing have greatly contributed to uncertainty and prevented long-term planning. Permanently maintaining small business expensing at $500,000 will increase investment and jobs, reduce complexity and paperwork and alleviate uncertainty.
The bill now advances to the Senate. President Obama has threatened to veto the bill, however, unless Congress can find other tax breaks to eliminate.
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