In the News
House GOP Tax Plan Would Allow Small Business Interest DeductionsHouse GOP Tax Plan Would Allow Small Business Interest Deductions
Washington, DC,
July 13, 2017
Tags:
Tax Reform
The House Ways and Means Tax Policy Subcommittee is “actively working” on provisions to allow small businesses to deduct the interest they pay on debt, Chairman Peter Roskam (R-Ill.) said. The provision would be a change to the House GOP tax reform plan, which would eliminate the ability of companies to deduct the interest on their loans but allow them to write off all business expenses. The current tax code already allows many small businesses to deduct both business investments and interest expense. |