by Jessica Wehrman WASHINGTON — The House yesterday approved two tax measures sponsored by Rep. Pat Tiberi, part of a massive jobs package aimed at giving Republicans the argument that they’ve done more to stimulate the economy just as they return home for the November midterm elections.The package of 15 bills — all which have previously passed in the House but stalled in the Senate — included the renewal of a handful of expired tax breaks as well as a repeal of a provision in President Barack Obama’s health-care law defining full-time employees as those who work 30 hours or more.One of Tiberi’s provisions would permanently extend an expired measure that allows businesses to immediately deduct half the cost of new equipment purchases. The 50 percent bonus depreciation expired at the end of last year. Tiberi’s provision making that tax break permanent originally passed the House in July.The second measure would renew an expensing provision that allows small-business owners, farmers and ranchers to immediately deduct as much as $500,000 in investments in property, equipment and computer software worth up to $2 million rather than depreciating such costs over time.That measure, which the House previously passed in June, also expired at the end of last year, dropping the amount that can be deducted from $500,000 to $25,000.
The deduction, which was first implemented as part of the 2009 economic-stimulus bill, would be made permanent and indexed to inflation.
The bill passed 253-163, with most Republicans in the Ohio delegation — save House Speaker John Boehner, R-West Chester, who rarely votes — voting for it. Rep. Brad Wenstrup, R-Cincinnati, also did not vote.
Tiberi, a senior member of the House Ways and Means Committee, says the deduction would help give small-business owners more certainty as they consider whether to purchase equipment or invest further in their companies.
“These measures, along with the broader bill, will go far in helping to spur economic growth, support American employers and get workers back on the job, and I hope Majority Leader Harry Reid will allow the Senate to promptly consider the bill,” the Genoa Township Republican said.
The bill now goes to the Senate.
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