Published in Last Word
The House will vote on America’s Small Business Tax Relief Act of 2014 this week, which would permanently raise to $500,000—adjusted annually for inflation—the value of new equipment that firms can deduct in the year it is purchased. If Congress fails to act, that expensing level will drop to $25,000 for 2014. Click here to read a letter in support of the bill signed by ACEC.
In addition, the House will vote on the S Corporation Permanent Tax Relief Act of 2014, which would make it easier for S corporations that were previously structured as C corporations to access their capital without tax penalties. The legislation would also facilitate charitable contributions by S corporations. To view ACEC's letter supporting bill passage, click here.
Final action on the tax extenders is likely to occur after the November election.
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