House Passes Faster Tax Write-Offs for Equipment, Permanently Extending Bonus Depreciation

The U.S. House of Representatives voted to let companies write off more than half the cost of investments in the first year, providing a tax boost to businesses. The plan, passed 258-160 today, would remove the expiration date from a policy that started as a temporary stimulus effort in President George W. Bush’s administration. Over the next decade, it would reduce federal tax revenue by $287 billion, helping companies that regularly make capital investments such as AT&T Inc. and Verizon Communications Inc.