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House Approves Combination Jobs and Tax Package

House Approves Combination Jobs and Tax Package
House bill includes higher permanent section 179 expensing levels and other economic measures

The House on Thursday approved with a 253-163 vote a tax and jobs bill that includes provisions important to farmers and ranchers.

Among the highlights of the bill, the Jobs for America Act (H.R. 4), is the approval of the America's Small Business Tax Relief Act which covers higher permanent section 179 expensing limits under the tax code.

Section 179 allows farmers and ranchers to claim the entire depreciation of an item, usually machinery, in one year provided the item meets certain requirements.

Related: Section 179 Expensing Extension Still Stalled in Senate

House bill includes higher permanent section 179 expensing levels and other economic measures

The bill also contains the regulations from the Executive in Need of Scrutiny Act, requiring Congress to take an up-or-down vote on all new major rules that would have an economic impact of more than $100 million annually before they can be enforced.

In addition, the Restoring Healthy Forests for Healthy Communities Act, which addresses catastrophic wildfire and forest mismanagement, is also included.

Bob McCan, National Cattlemen's Beef Association president, said the approval was a positive move for cattle producers and a solid step toward stabilizing the economy.

"The passage of this legislation brings our producers one step closer to having the certainty they need to make financial preparations and needed investments in this tax year," McCan said. "Many of the provisions contained in this bill are critical for the cattle industry."

The White House said Sept. 16 that if the bill were to make it through the Senate as written, the President would issue a veto. According to a statement of administration policy, the tax extenders included in the bill are approved without offsets, representing the "wrong approach.

The full bill text can be found here.

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