House Votes to Send Small Business Tax Cut Bill to Obama

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The House votes 237-187 to pass a small business bill (H.R. 5297) that includes $12 billion in tax cuts for small businesses, and a new $30 billion lending fund to aid credit availability for small firms. The White House says President Obama will sign the bill into law Monday. The legislation includes a one-year extension of the 50 percent bonus depreciation provision created in the American Recovery and Reinvestment Act (Pub. L. No. 111-5), an increase in tax code Section 179 expensing limitations up to $500,000, and an increase in the phase-out threshold amount to $2 million for 2010 and 2011.