A House of Representatives committee on Thursday approved legislation renewing and making permanent a tax break, known as bonus depreciation, that lets businesses immediately depreciate certain new capital and equipment investments.
The bill, estimated to cost to taxpayers more than $260 billion over 10 years, is expected to die in the Democratic-controlled Senate because the Republican measure is not offset by any proposal for new government revenue to pay for it. As a result, it would add to the federal budget deficit.