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House approves tax extenders deal

The House passed a $622 billion tax extenders bill that would permanently renew several tax provisions following years of short-term extensions and would extend other tax breaks through 2016 or 2019.  The measure passed on a 318-209 vote on Thursday.

The deal would address Section 179 of the tax code and would permanently cap the small business deduction for capital expenses at $500,000 instead of $25,000.  It would also extend the Bonus Depreciation language for five years at 50 percent for 2015-2017, 40 percent for 2018, and 30 percent for 2019.

This is the first of two year-end measures Congress is working to conclude before it recesses this week.

This morning the House also passed the 2016 omnibus spending bill, 316-113.

The Senate is expected to vote on both measures today.