Daily Tax Report ®

Toomey Introduces Bill to Make Full Expensing Permanent

Feb. 13, 2020, 5:22 PM

Sen. Pat Toomey introduces bill to make permanent the full and immediate expensing provision in the 2017 tax law.

  • The provision, which is currently scheduled to start phasing out after the end of 2022, lets businesses write-off some capital expenditures immediately
  • Bill would also fix the so called “retail glitch”, an error in the 2017 law that prevents restaurants and some other businesses from immediately deducting the cost of renovations
  • “My bill to make full expensing permanent would give manufacturers and businesses of all sizes certainty around investment planning and it would keep our economy humming,” Toomey says in statement...

To read the full article log in. To learn more about a subscription click here.