US House Passes Small Business Expensing Bill

(June 19, 2014)  Last week, the U.S. House of Representatives passed H.R. 4457, America’s Small Business Tax Relief Act, a bill that would permanently extend small business expensing for equipment and property outlined in Section 179 of the Federal tax code. Sponsored by Ohio’s own U.S. Rep. Pat Tiberi, this legislation would make permanent a small business expensing measure that’s been part of the tax code in some form since the 1950s. If enacted, H.R. 4457 would reduce compliance costs and the cost of capital for small business and improves cash flow by allowing businesses to invest, expand and create jobs. The bill faces an uphill battle in the Senate and has already been threatened with a veto by the President should it pass both chambers.