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Last Week

The House passed appropriations for the Department of Agriculture, along with making permanent two provisions in the tax code that Congress perennially reauthorizes, but has yet to do so for 2014. One would reauthorize and expand expensing equipment; currently, a business can only expense $25,000 in depreciable business property, but the legislation would increase it to $500,000. The other would make permanent the five-year recognition for built-in gains (BIG). View our letter of support. The Senate spent much of the week debating student loan legislation, which failed to garner the necessary 60 votes to advance. The Senate did manage to pass compromise legislation reforming the Veterans Affairs Administration. more

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