angle-double-right calendar

Sign up today to view these articles!

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Congress Releases Comprehensive Tax Reform Package

Dec 7, 2017, 14:50 PM by SPAN
The U.S. House of Representatives and Senate have released their respective versions of comprehensive tax reform packages which would lower rates and eliminate deductions in order to simplify the tax code for many companies and individuals.

The House of Representatives and U.S. Senate each passed their versions of tax reform in the last couple of weeks. 

·         Depreciation or expensing for capital would be enlarged to 100% in the first year. The provision would sunset (expire) in five (5) years. Currently, qualified recycling equipment may be expensed at 50% in the first year.

·         IC-DISC survived in the Senate version after it was slated to be eliminated. The House version did not include an alienation provision.

With several policy differences between the two proposals, both Chambers must reconcile their bills before going to the president for his signature.

·         Both Chambers will soon vote to ‘Conference’ their respective bills together.

Why it’s important:

Scrap processing is a capital-intensive industry with many scrap processors filing their taxes as “pass-through” entities. Lowering tax rates, expanding expensing, and eliminating certain favorable tax allowances could have significant impacts on most scrap companies large and small. 

Contact: Billy Johnson, (202) 662-8548.

SPAN Main