A batch of extended or expanded small-business tax breaks, tied to a boost in the minimum wage, is gaining steam in Congress. The House Committee on Ways and Means cleared a $1.3-billion tax-cut measure Feb. 12, with a floor vote to follow. The House then would have to hammer out a final bill with the Senate, which passed an $8.3-billion tax-cut plan Feb. 1. For construction firms, the outlook is bright for a one-year extension of a write-off for equipment, software and other assets. It’s in both the Senate and House bills.
Senate Finance Committee Chairman Max Baucus (D-Mont.) says, “I’m disappointed to see several Senate provisions absent from the House bill, but at least we’ve got a ball game.”