Surprise: Everyone Applauds Small Business Tax ReformBy
Last month, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released a draft of a small business tax reform bill that is designed to promote discussion among lawmakers, serving as a stepping stone to a final law. Provisions include expanding deductions for business startup costs, making permanent temporary rules that allow small businesses to expense purchases of equipment and property, and easing the burden of tax compliance by adjusting filing dates and letting businesses with $10 million or less in gross receipts use the cash method of accounting. The draft also has more ambitious reforms that would revise rules governing pass-through organizations, with an eye to closing tax loopholes.
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