INVEST Act Would Make Favorable Tax Changes
The Investment in New Ventures and Economic Success Today (INVEST) Bill of 2017 (S. 1144) would make a number of favorable changes for small businesses, including an increase in the deduction for startup costs to $50,000 (up from the current $5,000) and the Sec. 179 deduction to $2 million (up from the current $510,000), and making 50% bonus depreciation permanent. It would also change the dollar limits on depreciating most vehicles used for business. The AICPA has come out in favor the measure.