House Approves Permanent Small-Business Tax Break; Break Allows Small Businesses to Write Off up to $500,000 in New Equipment Purchases
The House voted Thursday to make permanent a tax break allowing small businesses to write off up to $500,000 in new equipment purchases.</br></br>While the move adds to momentum for congressional efforts to extend a range of now-temporary tax breaks, it also sharpens a conflict between the House and Senate over whether to extend the breaks permanently or temporarily.</br></br>Thursday's vote was 272-144, with several dozen Democrats joining Republicans to support the measure.</br></br>The list of temporary tax breaks, many of which expired at the end of 2013, has grown over the years and now includes over 50 separate provisions affecting businesses as well as individuals.</br></br>By now, the cost of making them all permanent is proving to be prohibitive--almost $1 trillion over the next decade. But many of the breaks are so popular or important that lawmakers are reluctant to eliminate them.