The House Ways and Means Committee proposed ideas Tuesday for small business tax reformation.
Forbes reports committee Chairman Dave Camp (MI-R) is the main backer for reforming small business taxes. The Committee’s proposal includes: expanding current tax benefits and changes to the structure of current taxes for small and medium businesses.
First under Section 179, small businesses would see tax deductions lowered to $250,000 and phase-out at $800,000. Next, start-ups would see unified expense deductions, including organizational expenses, that would begin to phase-out at $60,000. Finally, uniform rules would be created for businesses classified as a pass-through.
The proposal also includes changes for businesses registered as S Corps and partnerships.
More information on the proposed small business reforms can be found in the original Forbes article.