White House vows to veto bonus depreciation bill
Monday, July 14, 2014 11:15 AM
The House of Representatives voted 258-160 Friday to allow businesses to write off 50 percent of their capital investments in the first year instead of depreciating the costs over time, The Washington Business Journal reported. The tax break, known as bonus depreciation, expired at the end of 2013. The House bill would make bonus depreciation permanent, a move the Obama administration has said it would veto. The administration said in a statement that bonus depreciation "was never intended to be a permanent corporate giveaway." Plus, the bill would increase federal deficits in the short term, it noted.