WASHINGTON–Legislation aimed at easing the burden on a small business that acquires another business was introduced in the House on Friday.
The “Tax Fairness for Small Business Act,” also known as HR 3362, was introduced by Reps. Earl Pomeroy, D-N.D., and Eric Cantor, R-Va. Both are members of the House Ways and Means Committee.
Under the legislation, purchasers of eligible small businesses would be able to depreciate as much as $5 million of acquired intangible assets over the course of a five-year period.
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