House Passes Extension of Small-Business Tax Credits (Sec 179).
The House on Friday passed legislation to renew tax credits for small businesses indefinitely.
Approved 272-142, the bill would extend three tax breaks, including one known as the Section 179 credit that allows businesses to write off certain expenses. Thirty-three Democrats joined all but one Republican in support.
Democrats largely support renewing the tax breaks, often called "extenders" because of the need to renew them regularly. But Democrats objected the GOP proposal of doing away with the expiration dates without offsetting the cost. The Joint Committee on Taxation estimates that the bill would cost $79 billion over 10 years.
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