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On February 13, 2015, the House of Representatives passed H.R. 636, America’s Small Business Tax Relief Act, by a vote of 272-142. The bill would restore permanently to $500,000 the amount of business equipment and certain improvements in real estate that small and medium-size businesses can write-off in the first year. Despite this positive step, the future for this legislation is uncertain as the Senate does not seem interested in passing it right away and President Obama has issued a veto threat on the bill.
Under current law, the amount of such investments that businesses can deduct the first year is limited to just $25,000 in 2015.
For more information, see the letter sent by 2015 NAR President Chris Polychron to all Members of the House, urging them to pass the bill.