WASHINGTON — U.S. Rep. John Shimkus (R-Illinois) voted for House passage of legislation that helps the economy and provides certainty for small businesses regarding specific tax provisions.
America’s Small Business Tax Relief Act of 2014 (HR 4457) passed Thursday on a bipartisan 272-144 vote.
“One of the provisions included in this legislation is Section 179, which will extend permanently the expensing level for small businesses and farmers to $500,000,” Shimkus said. “This is something that I have been hearing about from farmers since last year.”
The Farm Bureau was among more than 150 organizations supporting the bill, including National Association of Manufacturers, National Association of Realtors, National Federation of Independent Business and U. S. Chamber of Commerce.
The American Farm Bureau Federation stated, “Farm Bureau believes that Congress should end its practice of extending important business tax provisions for one or two years at a time. This practice makes it very difficult for farmers and ranchers to plan and adds immense confusion and complexity to the tax code.”
“The amount available for deduction under Section 179 has fluctuated over the last several years,” Shimkus said. “Simply put, this area of the tax code encourages businesses and farmers to spend on capital investment by allowing a deduction for qualifying purchases.”
House Ways and Means Committee Chairman Dave Camp said, “Washington needs to wake up, start listening to the American people and act on real policies that strengthen the economy and help hardworking taxpayers. Today’s legislation will do just that.”
HR 4457 now heads to the Senate, where similar language has also been introduced.