House OKs Permanent Bonus Depreciation; Democrats Call Bill a Dead End

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uly 11 — Legislation permanently extending bonus depreciation passed the House, setting up a conflict with a temporary extension that the Senate is more likely to advance.

The July 11 vote on the Republican-led measure was 258-160. Lawmakers voted mostly along party lines, although 34 Democrats supported the bill and two Republicans opposed it. The White House had threatened to veto the measure if it made it through Congress.
The measure sets bonus depreciation at 50 percent in the first year, meaning taxpayers can write off more of the cost of an investment up front for qualifying items. Bonus depreciation, which expired at the end of 2013, would be renewed retroactively and expanded to retail stores that are owner-occupied as well as those that are leased.

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