On Wednesday, the House Ways and Means Committee voted to mark up seven expired tax provisions, aiming to make permanent certain benefits related to conservation easements, S corporations and business expensing in tax code, among other items. The House is expected to take up the committee bills next week. AGC will continue to advocate for passage of the following bills next week in the House and through the Senate:
- H.R. 636, America’s Small Business Tax Relief Act of 2015 that creates stability for small businesses leading to their growth and expansion by making permanent increased small business expensing in the Section 179 of the tax code. The committee approved the legislation by a 24 to 14 vote.
- H.R. 629, Permanent S Corporation Built-in Gains Recognition Period Act of 2015 that makes permanent the reduced recognition period for built-in gains of S corporations. The committee approved the legislation by a 24 to 14 vote.