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House votes to make expired business tax breaks permanent

TaxSTEPHEN OHLEMACHER, Associated Press

WASHINGTON (AP) — The House has voted to make permanent an expired tax break designed to help small businesses invest in equipment and property.

The White House has threatened to veto the bill because it would add $79 billion to the budget deficit over the next decade.

The bill is part of a package of more than 50 temporary tax breaks that Congress routinely extends every year or two. The entire package expired at the start of the year. Now, House Republicans are moving to make selected ones permanent.

The bill would allow businesses to immediately write off capital expenses of up to $500,000, rather than taking the deductions over several years.

The White House supports making the tax break permanent, but wants to pay for it by eliminating other business tax breaks.

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