WASHINGTON (AP) – The House has voted to make permanent a generous tax break that makes buying new equipment and improving property easier for small businesses.
The tax break would allow business owners to write off such investments more quickly. It expired at the beginning of the year, along with more than 50 other temporary tax breaks Congress routinely extends.
House Republicans say the bill is part of a broader effort to add more certainty to the tax code.
Democratic leaders opposed the bill because it would add $73 billion to the budget deficit over the next decade. White House has threatened a veto, but the Senate is unlikely to take up the bill.
The fate of all the expired tax breaks is unlikely to be resolved until after congressional elections in November.
Category: National News