The U.S. House Ways and Means Committee approved a $46 billion small-business tax break on a 21-14 party-line vote, as Republicans eager to aid companies' cash flow overcame Democratic objections.
Under the bill, companies with fewer than 500 workers in either 2010 or 2011 would be eligible to deduct 20 percent of their profits in 2012. Such a broad tax cut with few limits would give small companies money to reinvest in their businesses, said Representative Dave Camp, the committee chairman, as the panel considered the bill today.
"These business owners are real experts who know what they need to add jobs back to our communities," said Camp, a Michigan Republican.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
