On Thursday, June 12th the House passed the subsequent bills designed to provide substantial tax benefits to businesses:

• H.R. 4457, passed by a vote of 272 to 144, entitled the “America’s Small Business Tax Relief Act of 2014,” would permanently extend I.R.C. § 179 expensing of up to $500,000 after the bonus depreciation limit expired last year; and
• H.R. 4453, passed by a vote of 263 to 155, entitled the “S Corporation Permanent Tax Relief Act of 2014,” makes permanent the shortening of the built-in gains tax-holding period for S corporations from 10 years to 5 years to give S corporations quicker access to capital. It further contains a basis adjustment fix for charitable contributions made by S corporations. Read More