The U.S. House of Representatives passed H.R. 636 America’s Small Business Tax Relief Act of 2015. This bill, sponsored by Rep. Pat Tiberi (R-Ohio) will make permanent the $500,000 expensing levels for small businesses under Section 179 of the tax code.
National Cattlemen’s Beef Association President Philip Ellis said permanency to the tax code is critical for cattlemen in order to make necessary purchasing decisions and informed business decisions. The passage of this bill allows farmers and ranchers to write off capital expenditures in the year that purchases are made rather than depreciate them over time. The passage of this bill follows a letter NCBA along with 33 other groups signed to Speaker of the House, Rep. Boehner, urging the permanency of Section 179 of the tax code.
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