House votes to make expired business tax breaks permanent

WASHINGTON (AP) — The House voted today to make permanent an expired tax break designed to help small businesses invest in equipment and property, defying a veto threat by the White House.

President Barack Obama objects to the bill because it would add $79 billion to the budget deficit over the next decade.

The bill is part of a package of more than 50 temporary tax breaks that Congress routinely extends every year or two. The entire package expired at the start of the year. Now, House Republicans are moving to make selected tax breaks permanent.

On Thursday, the House passed a $14.3 billion package of tax breaks designed to encourage charitable giving. Also, the House Ways and Means Committee advanced several other bills that would benefit businesses and individuals.

The House passed the small business bill today by a vote of 272-142. Thirty-three Democrats joined nearly every Republican in voting for the bill. The margin would not be enough to override a presidential veto, however.

The bill would allow small businesses to immediately write off capital expenses of up to $500,000, rather than taking the deductions over several years. Another provision would make it easier for small business owners to deduct charitable contributions.