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House Passes Bonus Depreciation Bill to Permanently Extend Tax Break

July 14, 2014, 07:00 AM
Filed Under: Regulatory News

AccountingWEB reported that the House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses.

Under HR 4718, businesses would be able to claim an additional first-year depreciation tax deduction equal to 50 percent of the value of qualified property investments, such as machinery and equipment. Additionally, the bill would allow taxpayers to claim a portion of unused alternative minimum tax (AMT) credits in lieu of bonus depreciation. The bonus depreciation and AMT provisions both expired on December 31, 2013.

However, according to the AccountingWEB report, the bill is expected to stall in Congress as the Senate is unlikely to vote on any tax break legislation before the November midterm elections. Additionally the AccountingWEB reports states that President Obama’s senior advisors would recommend that he veto the bill.

To read the full AccountingWEB report, click here.

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