U.S. Senator John Thune (R-SD), a member of the Senate Finance Committee, today introduced a bill to simplify accounting rules and reform key parts of the tax law.
According to a release from Senator Thune’s office, the legislation—Investment in New Ventures and Economic Success Today (INVEST) Act of 2017 (S. 1144)—would simplify accounting rules and reform key parts of the tax law and would help small and medium-sized business owners more quickly recover investment costs and certain other tax deductible business expenses. The release also indicates that:
In introducing the bill, Senator Thune said:
Congress and the president have a once-in-a-generation opportunity to truly reform the tax code and strengthen the economy, and I’m confident the INVEST Act will help move us in the right direction.
According to today’s release, the legislation would provide the following expensing and cost recovery incentives:
With respect to start-up costs, the bill would:
The simplified accounting measures in the bill would:
As a member of the Senate Finance Committee, Senator Thune can be expected to play a significant role in putting together Senate tax reform legislation. Some of the proposals in the INVEST Act might be considered as part of the Senate’s tax reform efforts.
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