Tax Bill Includes Business Expensing Provision

Published: February 14, 2007

<table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">The U.S. House Ways and Means Committee intends to craft a small business tax package in response to a Senate tax bill passed recently. The Senate's $8 billion tax cut package was attached to legislation increasing the minimum wage. The House package is expected to provide tax cuts of about $1 billion. Of interest to REALTORS® is a provision extending and expanding the deduction that permits owners of small businesses to deduct, rather than depreciate, the cost of up to $100,000 in new equipment. The provision would be expanded to a $125,000 allowance and would phase out when a business had $500,000 of income. Both the House and Senate packages would be revenue neutral. </td></tr></tbody></table>

Last modified: February 14, 2007 at 9:50 am | Originally published: February 14, 2007 at 9:50 am
Printed: September 28, 2020