Contentious Budget Plan May Help Micros
Mar 24th, 2008 | By Dawn R. Rivers | Category: Politics & PolicyThe House and Senate both passed their separate budget resolutions before they went home for Easter break and, if you want to wade past all the political noise, you can actually find a few nuggets that may be of interest to microbusiness owners. On the matter of taxes, the House version of the budget does provide for another one-year patch for the alternative minimum tax, as well as estate tax reform, and extensions of the child tax credit, marriage penalty relief, the R&D tax credit, and enhanced Section 179 expensing, among other things. Meanwhile, although the House budget resolution does not get specific about funding federal small business programs, the Senate’s spending plan does. There, lawmakers managed to find an additional $100 million in funding for the Small Business Administration. The two chambers still have to get together to reconcile their very similar budgets but, overall, I foresee a number of veto threats in the near future of the appropriations process.
