House Scheduled to Vote on Tax Relief Bill

On Friday of this week, the U.S. House Representative is scheduled to vote on the America’s Small Business Tax Relief Act of 2015 (H.R. 636). This action by the full House follows the House Ways and Means Committee’s passage of the legislation last week. H.R. 636 is expected to pass in the House and be sent to the U.S. Senate for consideration.

Among its provisions, H.R. 636 makes permanent the Section 179 expense allowance at $500,000 with a $2 million investment threshold. The current expense allowance applies only to 2015 and is lower at $25,000 with a $200,000 investment threshold.

The Section 179 expense allowance is an investment incentive primarily used by small and medium-sized businesses, including those in the horse racing and breeding industry, and has been in place at various levels for several years. To qualify for the Section 179 expense allowance deduction, property may be new or used and must be placed in service during the year purchased.  Qualifying property may include horses in training, yearlings, broodmares or tractors and other heavy farm equipment.

The NTRA will provide updates to H.R. 636 in this space and at www.SupportHorseRacing.org.

2016-02-26T11:28:45+00:00 February 12th, 2015|Categories: Legislative, NTRA Capitol Hill Reports|
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