The White House formally released The President’s Budget for Fiscal Year 2016 yesterday.
Calling it long is an understatement. My summary is in two parts. Today: small business, funding and IRS (yesterday’s version tackled: individuals, estates and international).
Small Business
The proposal wasn’t all about big business. There’s plenty for small business, too. First, the proposal would expand and permanently extend the expensing limit (good ol’ Section 179) for expensing qualifying depreciable property to $500,000 (indexed for inflation). The President’s proposal would also increase the limitations for deductible new business expenditures and consolidate the provisions for start-up and organizational expenditures. Under the proposal, up to $20,000 of combined new business expenditures could be immediately expensed (reduced by the amount by which the combined new business expenditures exceed $120,000).
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