(via: BusinessWeek.com) Small businesses would be able to write off capital purchases more quickly under a $73.1 billion tax reduction passed today by the U.S. House of Representatives.

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The House voted 272-144 to revive the provision that lapsed at the end of 2013. The new measure would have no expiration date. Under current law, businesses can get immediate write-offs, without spreading deductions over several years, on purchases of up to $25,000. The benefit is phased out for companies with more than $200,000 in capital purchases. The bill would raise those amounts to $500,000 and $2 million, the levels in place in 2013, and would index them to rise with the inflation rate. The proposal also would make it easier for companies to take the writeoff for spending on real property, heating and air conditioning units and off-the-shelf software.

(Saying the bill would cause a drop of tax revenues of $73.1 billion and add to the budget deficit) President Barack Obama opposes the bill, and his administration said his advisers would recommend a veto it if it were passed.

(Read entire story on BusinessWeek.com: House Votes to Give Small Business Quicker Tax Writeoffs)

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