January 19, 2016
On January 13, Rep. Devin Nunes (R-CA) introduced H.R. 4377, the “American Business Competitiveness Act” (ABC Act). Key features of the ABC Act are that it would lower the tax rates on business income to 25% or less (with a surtax of up to $5,000 for a corporation with annual net business income over $100,000); allow 100% expensing in the year of purchase; eliminate all business tax credits and most deductions; shift to a territorial tax system; and require all businesses to use the cash method of accounting for tax purposes. According to Rep. Nunes, the bill would “drastically simplify taxes, encourage startups, and create a level playing field for small businesses to compete with larger firms.”
The bill was referred to the Ways and Means Committee.
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