Permanent Bonus Depreciation, Charity Bills Advance Through Committee
May 29 — The House Ways and Means Committee approved legislation to make bonus depreciation permanent, as well as a number of tax measures related to charitable giving.
The depreciation measure (H.R. 4718) advanced after a vote of 23-11, one in a series of party-line votes as Republicans and Democrats on the panel tussled over whether the forgone revenue from tax expenditures should be recovered elsewhere in the budget—a position House Democrats have staked in the drawn-out argument over a number of tax provision extensions.
If enacted, the depreciation measure would cement language originally conceived as temporary economic stimulus. A two-year extension has been approved by the Senate Finance Committee and is awaiting action on the Senate floor.