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Faster Depreciation Write-Off Gets OK From Tax Revisers
Washington reports the Senate Finance Committee approved a plan for accelerated depreciation as a feature of the omnibus tax revision. The measure would let corporations and individuals take larger first year write-offs, reducing later deductions and aiming to spur modernization. Treasury expects about 375 million dollars in first year revenue loss but long term gains. The administration seeks to keep dividend relief while pursuing a broader income tax cut, though some Democrats doubt the overall tax reduction will pass. The plan is central to the tax bill debated on the floor next week.
MENTIONED IN THIS ARTICLE
Washington
Ate Finance Committee
Eisenhower
Sabatantil
Tate
Ithros Democratic
Treasury
Senate
Secretary of the Treasury
Humphrey
Angeleno
Tucear
Pelate
Hood
Finance Committee