HR 4457 is a bill that permanently extends the Internal Revenue Code ("IRC") 179 expense limits available for small businesses. The 179 expense election under the expired temporary American Tax Relief Act ("ATRA") limits permitted small businesses to deduct up to $500,000 on certain depreciable property, with an investment limitation of $2,000,000.
Immediately after the bill passed the house, the administration’s advisors responded by announcing that they would advise the President to veto this bill.
Encourage the President to sign this bill into law and permanently establish the IRC Section 179 expense limits from the ATRA. Over 90% of employers are small businesses, and this election will help businesses grow and expand. Help them grow and support the economy.