WASHINGTON, Feb. 10, 2015 – The White House is threatening to veto a House bill that would make permanent the Section 179 expensing allowance that is widely used by farmers to buy tractors and other agricultural equipment.
The measure, HR 636,, is one of series of expired tax breaks Republicans are proposing to make permanent. Congress has been extending the provisions on a temporary, year-to-year basis, and that seems likely to happen again this year unless lawmakers can somehow reach agreement on broader changes to tax policy.“House Republicans are making clear their priorities by rushing to make business tax cuts permanent without offsets when key tax credit improvements benefiting 16 million working families with children are scheduled to expire,” the White House said in its statement of administration policy.
“They are also seeking to impose a double standard by adding to the deficit to continue and create tax breaks for businesses, after insisting on offsetting the cost of measures that help middle-class and working Americans, such as the extension of emergency unemployment benefits.”
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House Ways and Means Chairman Paul Ryan, R-Wis., said last week that the permanent extenders would provide needed certainty to the beneficiaries and eliminate the need for “back-to-the-future extensions.”
A separate but similarly worded White House statement threatened a veto of a second bill, HR 644, that would provide a tax deduction for donated food. The House is expected to vote on the bills later this week.
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