6-1 IAN Tax Extenders

 Farm Bureau Urges Senate to Support Tax Extenders. The American Farm Bureau Federation and 25 other business groups wrote Senate leaders today in support of a bill to extend several small business tax provisions.The Small Business Tax Extenders Act  would extend increased deductions and longer depreciation times for small businesses’ equipment purchases and other business expenses. The bill also would provide tax equity to self-employed businesses by expanding the deductibility of health insurance to apply to employment taxes.

The Idaho Farm Bureau’s Jake Putnam has some comments.“Health care costs remain the top concern for small business, and this provision helps the self-employed save money on their health care costs, thus freeing up their ability to invest in other expenses and investments. By reducing the gains-holding period for S corporations, the groups wrote, the bill would grant relief to those corporations by increasing their access to capital. When businesses convert from C corporations to S corporations, they have been required to hold their appreciated assets for up to a decade to avoid tax penalties.” The bill also would allow new businesses to deduct up to $10,000 of their start-up costs and extend Alternative Minimum Tax relief.