Tax Bills to Watch in Congress

Some helpful measures are moving ahead in the House: The Built It in America Act (H.R. 3938) would restore expensing for research and experimentation expenditures through 2025 and allow 100% bonus depreciation through 2025. The Small Business Jobs Act (H.R. 3937) would change the reporting threshold for payments to independent contractors on Form 1099-NEC from the current $600 to $5,000 for 2023 and adjusted for inflation thereafter as well as restore the former threshold of $20,000 and 200 transactions for reporting third party network transactions on Form 1099-K. It would also allow the qualified small business stock exclusion to apply for holding the stock for more than 3 years (instead of the current 5-year requirement) and increase the limit for expensing equipment purchases beginning in 2024. #IdeaoftheDay