Items Tagged with 'bonus depreciation'

Congressional Republicans are likely to move quickly to carry out President-elect Donald Trump’s top legislative priority by extending expiring tax provisions and enacting new tax cuts, and some farm bill measures could go along for the ride.

Republicans blocked the Senate on Thursday from taking up a House-passed tax bill that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.

The Senate this week tackles a bipartisan border security compromise that likely faces unsurmountable opposition from House Republicans and former President Donald Trump.

The House overwhelmingly approved a bipartisan tax package Wednesday night that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.

The House could  pass a short-term package of tax breaks as soon as this week, but the measure faces some Republican concerns that the expanded child tax credit included in the deal could help President Joe Biden’s re-election campaign or encourage working parents to quit their jobs.

The House Ways and Means Committee advances a bipartisan agreement to expand the child tax credit while boosting two tax breaks that are widely used in agriculture.

A bipartisan deal between leaders of the House and Senate tax-writing committees would raise limits on the Section 179 expensing provision that is popular with farmers, and the agreement also would restore a bonus depreciation provision to 100%.

House Republican leaders are looking to get their agenda back on track after a group of hard-line conservatives angry over the debt ceiling agreement effectively brought action in the chamber to a halt last week.