House passes permanent Section 179 measure
The Section 179 deduction level would be permanently set at $500,000 for small businesses under a bill passed by the House of Representatives Friday. Farmers are among the biggest users of the tax break, which helps smaller businesses immediately offset higher equipment costs on tax returns. Despite a veto threat from President Barack Obama, the vote Friday on the bill was 272-142, just shy of the two-thirds majority needed to override a presidential veto. Thirty-three Democrats joined 239 Republicans to back the bill. Eighteen congressmen did not vote on the bill. The bill will move to the Senate where Democratic opposition will be tested.