Senate Finance Committee Outlines Possibilities for Business Tax Reform

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Senate Finance Committee outlined a broad range of potential changes in the U.S. Internal Revenue Code April 11 that could be considered as part of comprehensive tax reform affecting business investment and innovation—but left unaddressed the issue of using reform to generate additional revenue for deficit reduction.
In a paper prepared in bipartisan fashion by staff, which the committee said was meant to facilitate discussion among lawmakers on the panel, Finance Committee staff offered increased expensing under tax code Section 179 as one potential area for reform, as well as expanding the cash method of accounting, and creating a new business deduction for passthrough entities.
The paper also poses methods for revising the depreciation rules for tangible assets and the amortization rules for intangible assets.

 

For full access to this article, please register for a free trial to Daily Tax Report® .