Daily News Update, Feb. 8, 2008

Update on economic stimulus bill

The Senate failed to approve their version of an economic stimulus package this week. The House overwhelmingly approved its stimulus bill, H.R. 5140, on Jan. 29, but the Senate worked to assemble a more aggressive approach which failed to achieve the necessary 60 votes to advance. 

Senate Majority Leader Harry Reid (D-Nev.) has said he wants to send a final version of the bill to the President's desk by Feb. 15. The Senate is likely to consider a modified version in coming days.

NCBA sent a letter to Senate finance committee leaders supporting certain provisions being considered as part of an economic stimulus package.

NCBA expressed support for a provision that increases the depreciation deduction limitations under section 179 from $128,000 to $250,000 with a corresponding increase in the phase-out threshold from $510,000 to $800,000.

NCBA also voiced support for the special depreciation allowance and Net Operating Loss (NOL) carry back rules as important tools for small businesses.