Items Tagged with 'Section 179 expensing allowance'

House Republicans took a major step toward enacting President Donald Trump's policy agenda and boosting spending for commodity programs and crop insurance by winning passage Thursday morning of the GOP's sweeping budget reconciliation bill.

A key tax deduction used by farmers and small businesses would be expanded under sweeping tax legislation unveiled by House Republicans Monday, while the 45Z tax credit for biofuels would be extended to 2031 and eased in ways that would benefit domestic ag feedstocks.

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%.