While action in the Senate on a temporary extenders bill has stalled until most likely the fall, the House continues to move permanent extensions of some of the provisions that expired on December 31, 2013.
While action in the Senate on a temporary extenders bill has stalled until most likely the fall, the House continues to move permanent extensions of some of the provisions that expired on December 31, 2013.
In a bipartisan 272 to 144 vote on June 12, the House passed H.R. 4457, “America’s Small Business Tax Relief Act of 2014” that would make permanent Section 179 expensing at the levels that were in place at the end of 2013 – a $500,000 expensing allowance and a $2,000,000 investment cap. The new House legislation also expands the definition of property that can be expensed to include computer software.
Back in the Senate, the Senate Majority Leader indicated last month that he intended to bring up the Senate version to reinstate all the expired tax extenders in one bill sometime in the fall before the mid-term elections. The House, passing the tax extenders individually, does not intend to reinstate all the expired tax extenders setting up a confrontation if the Senate does pass a full reinstatement bill. In both Houses, the tax extenders reinstatement would include investments made since January 1, 2014. For more information on the progress of the tax extenders, please contact Billy Johnson.