(C) Common Dreams
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House GOP readying economic package with business tax breaks [1]
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Date: 2023-04-26
House Republicans are preparing to take up some favored tax breaks as part of a broader package aimed at spurring economic growth.
The bill would revive three tax benefits for businesses that lapsed or began to phase down under the GOP’s 2017 tax law, which Republicans have been eager to extend. Tax writers are still working on the package, but it could include a broader set of provisions, according to multiple sources.
Republicans are aiming to unveil the legislation in May or June, according to a source familiar with the discussions, though it wasn't immediately clear how quickly it would reach the floor.
The tax provisions sure to be in the bill at this point, sources said, include a revival of full, upfront expensing of research and development costs. Starting in 2022, companies have had to take the deductions over five years for that spending, generally making the tax break less lucrative and leading to an outpouring of pressure from businesses.
The second provision would allow businesses to take tax deductions for 100 percent of costs for short-term investments — like machinery, equipment and buildings — in the first year they make the purchases. Starting in 2023, companies can only take deductions upfront for 80 percent of those costs, and that percentage will continue phasing down through 2026.
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[1] Url:
https://rollcall.com/2023/04/26/house-gop-readying-economic-package-with-business-tax-breaks/
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