House Bill Would Extend Equipment Tax Deduction

Law360, New York (February 10, 2014, 2:40 PM EST) -- A bipartisan group of lawmakers is hoping to extend a long-standing equipment depreciation tax deduction for small manufacturing businesses that was recently allowed to expire.

The deduction, designed to allow businesses to recover up to $500,000 in costs associated with replacing manufacturing equipment, had been on the books since 1987, according to Rep. Bill Owens, D-N.Y. But it was allowed to expire at the end of 2013, lowering the maximum deduction to just $25,000.

Owens issued a statement Monday annoucing his support for the Small Business...
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