The House voted to make a tax break that allows small businesses to write off up to $500,000 in equipment purchases permanent on June 19, amid a push to end the annual process of renewing tax extenders. Tax extenders are breaks for individuals and corporations that expire and are renewed on a regular basis.
The vote came in at 272-144, and while several Democrats voted in favor of the bill, the left’s leadership largely opposed the move, according to The Associated Press. The White House has threatened to veto the bill, citing the $73 billion that it will add to the budget deficit over the next ten years.
“Whatever happened to all the rhetoric about getting our fiscal house in order? Out the window,” said Rep. Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee, according to the news source.
The House and Senate are at odds over the fate of the tax extenders, many of which expired at the end of last year. The list of tax breaks has grown over the years to include over 50 provisions, and the cost of making all of them permanent would come to almost $1 trillion over the coming decade, The Wall Street Journal explained.
The House passed another bill that would lessen the tax burden on firms that convert from taxable corporate status to small business status, according to the news source. However, the Obama administration announced that it opposed the legislation.
“Republicans are imposing a double standard by adding to the deficit to fund tax breaks for businesses, while insisting on offsetting the cost of measures that help middle-class and working Americans,” the White House said.
These tax breaks may help your business grow, check out other articles that can give you tips on improving your small business at www.businesslawnews.com.
If you have any questions about this post or would like to discuss your company’s tax,trust, and estate matters , please contact me, Frank L. Brunetti at ScarinciHollenbeck.com.
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
House Makes Small-Business Tax Break Permanent
Author: Scarinci Hollenbeck, LLC
The House voted to make a tax break that allows small businesses to write off up to $500,000 in equipment purchases permanent on June 19, amid a push to end the annual process of renewing tax extenders. Tax extenders are breaks for individuals and corporations that expire and are renewed on a regular basis.
The vote came in at 272-144, and while several Democrats voted in favor of the bill, the left’s leadership largely opposed the move, according to The Associated Press. The White House has threatened to veto the bill, citing the $73 billion that it will add to the budget deficit over the next ten years.
“Whatever happened to all the rhetoric about getting our fiscal house in order? Out the window,” said Rep. Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee, according to the news source.
The House and Senate are at odds over the fate of the tax extenders, many of which expired at the end of last year. The list of tax breaks has grown over the years to include over 50 provisions, and the cost of making all of them permanent would come to almost $1 trillion over the coming decade, The Wall Street Journal explained.
The House passed another bill that would lessen the tax burden on firms that convert from taxable corporate status to small business status, according to the news source. However, the Obama administration announced that it opposed the legislation.
“Republicans are imposing a double standard by adding to the deficit to fund tax breaks for businesses, while insisting on offsetting the cost of measures that help middle-class and working Americans,” the White House said.
These tax breaks may help your business grow, check out other articles that can give you tips on improving your small business at www.businesslawnews.com.
If you have any questions about this post or would like to discuss your company’s tax,trust, and estate matters , please contact me, Frank L. Brunetti at ScarinciHollenbeck.com.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
.jpg)
